Saudi Aramco and the Chinese “Cinopk” are cooperating in a joint venture with $ 3.9 billion

A unit of Saudi “Aramco” signed an agreement with “Fujian Petrochemical” of the Chinese company “Sinopik” to establish a joint venture for refining and petrochemicals in the Chinese province of Fujian with a recorded capital of 28.8 billion yuan ($ 3.9 billion, “according to Bloomberg’s statement on Monday.

“Cinopk” and “Aramco Asia” will contribute 25% of the capital of the joint “Ghoul 2” project, while the “Vagian Petrochemical” company will accuse the remaining 50%, according to the statement.

Ghuli 2 is an integrated project for refining and petrochemicals that will be held in the economic development area in the port of Ghouli, the economic development area in Fujian.

“Aramco”, “Cinopk” and “Yasrif” announced earlier this month the signing of a framework agreement aimed at paving the way for a large expansion in the field of petrochemicals in the “Yasrif” company in Yanbu on the western coast of Saudi Arabia.