China's Fujian Petrochemical Industrial Group Company (FJPEC) and Saudi petrochemical giant SABIC have signed joint venture agreement to build a mega petrochemical complex in east China, state-owned news agency Xinhua reported last week.
 
The report, dated 27 August, said the 40 billion yuan ($6 billion) steam cracker and ethylene downstream project would be built at Gulei Industrial Park in the Fujian Province.
 
The ethylene production capacity would be 1.5 million tonnes, the report said.
 
Fujian Petrochemical Company (FPCL), a 50:50 JV between FJPEC and Sinopec, owns a 50 percent stake in Fujian Refining & Petrochemical Company Ltd (FREP), a joint venture with ExxonMobil China (25%) and Saudi Aramco Sino Company (25%), according to FREP's website.
 
SABIC is the chemicals arm of Aramco, following Aramco’s acquisition of a 70% stake in the company in June 2020.
 
(Writing by SA Kader; Editing by Anoop Menon)
 
 
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