On December 9, 2022, Sinopec and Saudi Aramco signed a cooperation framework agreement on the second phase of Fujian Gulei Project. The second phase of the project plans to build 16 million tons/year oil refining, 1.5 million tons/year ethylene cracking and downstream derivatives integration units, which are expected to be completed and put into operation by the end of 2025. At the same time, Sinopec signed a memorandum of understanding on cooperation with Saudi Aramco and Saudi Basic Industries to jointly develop a large-scale project to convert liquid raw materials into chemical products in Yanbu, Saudi Arabia. The project will achieve collaborative optimization with Yanbu Refinery.

Yu Baocai, Vice General Manager of Sinopec Group and President of PetroChina Company Limited, said that over the years, all parties have carried out a lot of fruitful cooperation in China and Saudi Arabia and established profound friendship. This cooperation is a new milestone on the basis of existing cooperation, which fully demonstrates the high degree of mutual trust and mutual recognition of all parties, and also strengthens the confidence in jointly addressing the challenges of energy transformation. Sinopec will continue to implement a high-level opening-up policy and contribute to the implementation of the the Belt and Road Initiative and the realization of Saudi Arabia's "Vision 2030".

Mohammed Katani, Saudi Aramco's senior vice president in charge of downstream business, said that the two projects would further help China and Saudi Arabia develop a modern, integrated and efficient refining and chemical industry, and consolidate the foundation for Saudi Aramco to continue to become a reliable energy and chemical supplier, from which all partners would benefit. Editor/Zhao E