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Recently, the joint venture contract for the Zhongsha Gulei ethylene project was officially signed, with the signing ceremony held via video link in a \"cloud signing\" format. Yin Li, Secretary of the Fujian Provincial Party Committee, Wang Ning, Governor of Fujian, and Yusuf Al-Bayan, Vice Chairman and CEO of Saudi Basic Industries Corporation, jointly witnessed the conclusion of this cooperation. Under the contract, the globally renowned diversified chemical company Saudi Basic Industries Corporation and Fujian Petrochemical Group Co., Ltd. will establish a joint venture. The company plans to invest 40 billion yuan (approximately $6.15 billion) to build and operate a world-class large-scale petrochemical complex at the Gulei Petrochemical Complex in Fujian Province, China. The planned large-scale petrochemical complex is intended to feature an ethylene steam cracking unit for processing mixed feedstocks, with an annual production capacity of 1.5 million tons of ethylene, representing a world-class scale. At the same time, the project plans to build a series of downstream production facilities, including one set for ethylene glycol, two sets for polyethylene, two sets for polypropylene, one set for polycarbonate, and other production units. Once the project receives approval from the relevant Chinese authorities, SABIC and Fujian Petrochemical Group will proceed with the design of the production facilities and make the final investment decisions, working together to bring the project to fruition and striving to expand and extend the industrial chain of the Gulei Petrochemical Complex. Recently, Fujian Province released the \"Fujian Province’s Special Plan for the High-Quality Development of the Manufacturing Sector during the 14th Five-Year Plan Period.\" The Plan states that by 2025, the scale of Fujian Province’s petrochemical industry will reach 1 trillion yuan, with emphasis placed on advancing the construction of large-scale petrochemical projects in the “two bases and one special zone”. Among them, the Zhangzhou Gulei Petrochemical Base is advancing the construction of projects such as the Sino-Saudi Gulei Ethylene Plant and the second phase of the Gulei Refining and Chemical Integration Project. On August 18, the Gulai Refining and Chemical Integration Project, the largest petrochemical industry cooperation project across the Taiwan Strait, was successfully completed and put into operation. It is capable of producing 1 million tons of ethylene, 430,000 tons of propylene, and 120,000 tons of butadiene per year, with an annual output value of 26 billion yuan. At present, the second phase of the project is being accelerated, with the ethylene production capacity expected to rise to 1.4 million tons per year, and the total output of products to increase to 4.2 million tons per year. In the future, the Gulei Petrochemical Base aims to establish two integrated petrochemical industry chains with a capacity of 100 billion yuan each by the end of the 14th Five-Year Plan period. The scale of its downstream petrochemical products will be among the highest in China, with an annual production capacity of 21 million tons of oil, 3.5 million tons of ethylene, and 4.8 million tons of aromatics. The base will also foster several large-scale petrochemical enterprises with output values exceeding 10 billion yuan, thereby creating industrial clusters worth 100 billion yuan each.