In 2023, bilateral trade between the two nations reached US$107.23 billion
Construction has officially commenced on the second phase of the Fujian Gulei Integrated Refining and Petrochemical сomplex, marking the largest industrial investment in Fujian Province to date, as reported by China Daily, a partner of TV BRICS.
Scheduled for full operation by 2030, the state-of-the-art facility will include a 16-million-ton-per-year oil refining unit (equivalent to 320,000 barrels per day); a 1.5-million-ton-per-year ethylene production unit; a 2-million-ton paraxylene and downstream derivatives capacity; and a 300,000-ton crude oil terminal.
This project reflects Saudi strategy to strengthen its downstream operations in key international markets, particularly China, while simultaneously enhancing China's energy security.
According to the source, for China, the project aligns with its goals to modernise its petrochemical industry by focusing on high-value products and sustainable practices. It also serves as a model for advanced industrial clusters, elevating Fujian's competitiveness in the global market.
The project is anticipated to catalyse local economic development in Fujian by:
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creating thousands of jobs;
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attracting downstream investments;
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strengthening regional supply chains.
In 2023, bilateral trade between the two nations reached US$107.23 billion, making Saudi Arabia China’s largest trading partner in the Middle East since 2001, as per the General Administration of Customs of China.
Photo: iStock
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