(Bloomberg) -- Sinopec has signed a framework agreement with Saudi Aramco to build a Phase II 16 million-ton-a-year refining project and 1.5 million-ton-year ethylene units in Gulei, Fujian.
The project is expected to be completed and operating by the end of 2025, according to a press release by Sinopec. The Chinese company also signed MOUs with Saudi Aramco and Sabic to build a liquids-to-petrochemical facility in Yanbu, Saudi Arabia.
The cooperation is a new milestone achieved through the existing collaboration that demonstrates mutual trust and recognition of all parties, and strengthens their confidence to jointly cope with the energy transition, Sinopec President Yu Baocai said in a statement.
Xi Visit to Saudi Arabia Brings Pledge of More Oil Trade (1)
China President Xi Jinping said on Friday the country will expand oil trade with Saudi Arabia during his visit to the kingdom that reinforced ties between the world’s second-largest economy and its top supplier of crude.
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