Construction kicked off at the 71 billion-yuan refinery and petrochemical complex located at the Gulei petrochemical base in Zhangzhou city, Fujian province, according to a Chinese government filing released Monday.
The project, which is 50%-owned by Fujian Petrochemical, with Sinopec (SHA:600028, HKG:0386) and Saudi Aramco each holding the remaining 25% stakes, will be fully operational in 2030.
Once in production, the project will be able to supply 5 million tonnes of raw materials for downstream companies annually. Annual output value is expected to be about 81 billion yuan.
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