Saudi Aramco and its joint venture partners, Fujian Province, Sinopec and Exxon Mobil, has announced the full commercial operation of the Fujian Integrated Refining and Ethylene Joint Venture Project (FREP), China's first integrated refining and petrochemical facility with foreign participation.

FREP has tripled the capacity of the existing refinery - from 80,000 barrels per day to 240,000 barrels per day - to produce transportation fuels and other refined products, which will help meet the region's growing need for fuels and chemical products, according a latest report carried by Saudi Aramco’s web-site.

Speaking on the occasion, Ali I. AI-Naimi, Saudi Minister of Petroleum and Mineral Resources said "This project reflects the depth of Saudi-Chinese relations and opens wider horizons of cooperation between the two countries in the petroleum and petrochemical areas. China has one of the fastest growing oil consumption rates, and Saudi Arabia, being the world's largest oil exporter, always seeks to enhance its petroleum relations with China through joint ventures thereby boosting sales of Saudi oil in China."

On his part, Khalid A. Al-Falih, President and CEO of Saudi Aramco said that: "The FREP project has brought together our three companies-and with the strong support of the Fujian Provincial government-has resulted in a joint venture which is a combination of the best our organizations have to offer. We at Saudi AramcoSaudi Aramco are proud and privileged to be working with two other companies of this caliber, and look forward to many more years of productive partnership and collaboration here in Fujian Province.

"Ten years ago, China imported relatively little crude oil from us; now, it is one of our top three markets, and is the fastest growing market for us globally. At this moment, we are providing nearly a million barrels of crude oil to China each and every day, accounting for a quarter of this country's total imports and a sizable portion of its overall energy requirements.

"In light of the volume of Saudi crude that now makes its way to these shores, it is important to remember that the facilities you see behind me are only part of Saudi Aramco's investment in ensuring a reliable supply of energy to China, which also include tens of billions of dollars invested in our upstream sector, and indeed all along the value chain to provide the Chinese people with the petroleum products they need and rely upon.

The unique advantages of FREP lie in its adoption of internationally advanced technologies and management expertise, reliable crude supply and proximity to the market along China's southeastern coast."

Source: Saudi Press Agency