WPB: China’s state-owned energy giant Sinopec has entered into an agreement with a subsidiary of Saudi Aramco to establish a new joint venture, with a registered capital amounting to 28.80 billion yuan (approximately $3.95 billion).
The partnership involves Sinopec, its affiliate Fujian Petroleum Chemical Industry Co., and Aramco Asia Singapore Pte. (AAS), the Singapore-based unit of Saudi Aramco. Under the terms of the deal, Sinopec and its unit will contribute 7.20 billion yuan and 14.40 billion yuan in cash, respectively, while AAS will provide the remaining 25% of the joint venture’s registered capital.
The newly formed company, Fujian Sinopec Aramco Refining and Petrochemical Co., is set to focus on port operations, crude oil logistics, and various activities related to refining and petrochemical production at a complex located in the Gulei Port Economic Development Zone in Zhangzhou, Fujian province.
Construction of the complex began in the past, marking a significant step in Saudi Aramco’s strategy to expand its downstream operations internationally and to supply one million barrels of crude oil per day to China for oil-to-chemicals projects.
Separately, Sinopec announced a 27.6% decline in net profit for the first quarter, based on the China Accounting Standards.
By WPB
Bitumen, Petroleum, Energy
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