SINGAPORE - Sinopec Corp said on Monday that the company and Saudi Aramco have started constructing a refinery and petrochemical complex in southeast China's Fujian province.

The new venture includes a 16 million metric ton-per-year (tpy), or 320,000 barrels per day refinery, a 1.5 million tpy ethylene plant, a 2 million paraxylene facility as well as a 300,000 tonnage crude oil terminal, Sinopec said in a statement.

Fujian Petrochemical - a joint venture between Sinopec and the Fujian government - will hold a 50% stake in the venture, and Saudi Aramco and Sinopec will each own 25%, Sinopec said.

The project is slated to become operational in 2030, and once in production, it will be able to supply 5 million tons of petrochemical feedstocks annually.

Sinopec did not provide details on the investment value of the project.

Sinopec and Aramco signed a preliminary agreement to build the complex two years ago.

(Reporting by Chen Aizhu; Editing by Sonia Cheema)