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People's Daily Online>>China Business

Sinopec builds oil refinery with Saudi Aramco

By Huang Xiaofang (The Economic Daily)

15:08, January 19, 2012

Edited and translated by Ma Xi, People's Daily Online

China Petrochemical Corporation (Sinopec Group) and Saudi Aramco have agreed to found a joint venture refining company in Yanbu, Suadi Arabia, according to a joint venture agreement recently signed. Sinopec will contribute 37.5 percent of the investment and Suadi Aramco 62.6 percent. This is Sinopec’s first overseas downstream investment.

This joint venture will build an oil refinery covering an area of 5.2 millon square meters, which is expected to put into operation in the second half of 2014.

At present, 10 percent of its construction has been completed. The oil refinery will produce 90,000 barrels of gasoline and 263,000 barrels of ultra-low-sulfur diesel each day.

The cooperation between Sinopec and Saudi Aramco includes the Fujian Refining & Petrochemical Company Limited and Sinopec SenMei (Fujian) Petroleum Company Limited jointly built with ExxonMobil China Petroleum & Petrochemical Company Limited.

Sinopec is Saudi Aramco’s largest crude oil purchaser.

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