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2 minutes read

SABIC and Fujian Petrochemical held Groundbreaking ceremony for $6.4 Billion Project in China

A joint venture between SABIC and Fujian Energy and Petrochemical Group Co. Ltd. (Fujian Energy Petrochemical) held a groundbreaking ceremony to mark the start of full execution and construction phase of SABIC Fujian Petrochemical Complex (Sino-Saudi Gulei Ethylene Complex Project) in Fujian Province, China. SABIC CEO Abdulrahman Al-Fageeh attended the event, celebrating the next chapter of the joint venture.

Abdulrahman Al-Fageeh, SABIC CEO said, “The SABIC Fujian Petrochemical Complex is a landmark project in our development in China and testament to SABIC’s ambition to become the world’s preferred leader in chemicals. As we embark on a new chapter, we remain fully committed to providing effective solutions to our customers, maximizing shareholder value, and supporting industry upgrading. China – as one of the key major petrochemical markets globally – is also a very crucial and strategic market for SABIC. By leveraging our unique strengths, SABIC will continue to invest in China and collaborating with our local partners to contribute to the country’s high-quality sustainable development.”

The SABIC Fujian Petrochemical Complex is located in Gulei Petrochemical Industrial Park, which is one of the seven national petrochemical hubs in China. It will be built by SABIC FUJIAN Petrochemicals Co. Ltd, a 51:49 joint venture established in March 2022 between SABIC Industrial Investment Company (wholly owned by SABIC) and Fujian Fuhua Gulei Petrochemical Co., Ltd. (holding by Fujian Energy and Petrochemical Group). SABIC announced its final investment decision for the project in January 2024.

With an estimated total investment of RMB 44.8 billion (USD 6.4 billion), the project marks a significant milestone in cross-regional win-win cooperation for SABIC and Fujian Energy Petrochemical. The project is scheduled to commence the preparation for commissioning and start-up from the second half of 2026, with an expected annual ethylene capacity up to 1.8 million tons, to meet growing demand for high-end chemical products in the market and among customers, while stimulating downstream investment opportunities.

In addition to the groundbreaking ceremony, the EPC (Engineering, Procurement and Construction) Contracts and a Project Financing Loan Agreement for the SABIC Fujian Petrochemical Complex were signed as well.

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