On February 18-19, Fujian Zhongsha Petrochemical Co., Ltd. (Fujian Zhongsha), jointly established by Fujian Energy Petrochemical Group and SABIC, held a comprehensive launch event and a series of agreement signing ceremony for the main part of the Zhongsha Gulei ethylene project in Fujian.

Established by Fujian Zhongsha (founded in March 2022), the Zhongsha Gulei Ethylene Project is located in Gulei Petrochemical Base, one of the seven major petrochemical bases in China. The equity ratio of Fujian Fuhua Gulei Petrochemical Co., Ltd., which is controlled by Fujian Energy Petrochemical Group, and Saudi Arabia Industrial Investment Co., Ltd., a wholly owned subsidiary of SABIC, is 49% to 51%. With a total investment of about 44.8 billion yuan (approximately 6.4 billion US dollars), the company announced SABIC’s final investment decision in January. It is a connection point between Fujian Energy Petrochemical Group and SABIC for trans-regional win-win cooperation. The project is expected to be completed in 2026, with an annual ethylene production capacity of up to 1.8 million tons. It not only meets the market and customer demand for high-end chemical products, but also drives downstream investment opportunities in the industrial chain.