His Excellency Ali I. AI-Naimi, Minister of Petroleum and Mineral Resources, Saudi Arabia; Mr. Khalid A. Al-Falih, President and CEO, Saudi Aramco; and Mr. Khalid G. Al-Buainain, Senior Vice President, Refining, Marketing and International, Saudi Aramco, attended the ceremony that marked the construction completion and full operation of the world-scale integrated refining and ethylene joint venture complex. Representatives from the Saudi Arabian government, the relevant Chinese ministries, Saudi Aramco, ExxonMobil, Sinopec, Fujian Province and Quanzhou were also present.
His Excellency Ali I. AI-Naimi, Minister of Petroleum and Mineral Resources, Saudi Arabia; said that: “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.”
Mr. 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 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.
The advanced process technologies of FREP also fully reflect the commitment to safety and environment through the “Promote Green Environment, Provide Clean Energy” concept jointly advocated by Saudi Aramco, Fujian, Sinopec, and ExxonMobil. The high integrity of facilities also helps maximize resources utilization, i.e., a cogeneration facility generates electricity to satisfy most of the power needs of the complex while at the same time producing steam necessary for running the process units. With cogeneration, FREP achieves greater energy efficiency and reduces greenhouse gas emissions.
Fujian Refining & Petrochemical Company Limited (FREP) is owned by Fujian Petrochemical Company Limited (50%), Saudi Aramco Sino Company Limited (25%) and ExxonMobil China Petroleum and Petrochemical Company Limited (25%).
About Saudi Aramco
Owned by the Saudi Arabian Government, Saudi Aramco is a fully-integrated, global petroleum enterprise, and a world leader in exploration and producing, refining, distribution, shipping and marketing. The company manages proven reserves of 260 billion barrels of oil and manages the fourth-largest gas reserves in the world, 253.8 trillion cubic feet. In addition to its headquarters in Dhahran Saudi Arabia, Saudi Aramco has affiliates, joint ventures and subsidiary offices in China, Japan, the Netherlands, the Republic of Korea, Singapore, Malaysia, the United Arab Emirates, the United Kingdom and the United States. For more information, go to www.saudiaramco.com