Sinopec to build oil refinery with Saudi Aramco

Jan 19, 2012 12:00 AM

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

This joint venture will build an oil refinery covering an area of 5.2 mm sq meters, which is expected to put into operation in the second half of 2014. At present, 10 % of its construction has been completed.
The oil refinery will produce 90,000 barrels of gasoline and 263,000 barrels of ultra-low-sulphur diesel each day.

The cooperation between Sinopec and Saudi Aramco includes the Fujian Refining & Petrochemical Company and Sinopec SenMei (Fujian) Petroleum Company jointly built with ExxonMobil China Petroleum & Petrochemical Company.
Sinopec is Saudi Aramco’s largest crude oil purchaser.

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