On December 18, 2022, Saudi Aramco issued a statement on its official website stating that the company signed an agreement with Sinopec to build a comprehensive refinery and chemical project with 16 million tons of oil refining and 1.5 million tons of ethylene cracking per year in Gulei, Fujian.

According to the statement, Saudi Aramco, Sinopec and SABIC also recently signed a memorandum of understanding to study the joint development of a new refining and chemical project in Yanbu, Saudi Arabia, which will achieve collaborative optimization with the Yanbu refinery. The Yanbu Refinery is a joint venture between Sinopec and Saudi Aramco, and it is also China's largest investment project in Saudi Arabia.

Mohammad Al-Qahtani, senior vice president of Saudi Aramco, said: "These projects will further help China and Saudi Arabia develop a modern, integrated and efficient refining and chemical industry, and also strengthen our long-term commitment to continue to be a reliable partner for Asia's largest economy. Energy and chemical suppliers." Editor/Xu Shengpeng