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China's Sinopec to form $4 bn JV with Saudi Aramco unit

VCCircle · 1d

China's Sinopec has partnered with a unit of Saudi Aramco to form a joint venture worth $3.95 billion. Sinopec and its unit will contribute a combined 21.6 billion yuan in cash, while Aramco Asia Singapore Pte. (AAS) will handle the remaining 25% of the investment. The new entity, Fujian Sinopec Aramco Refining and Petrochemical Co, will focus on refining and petrochemical operations in China's Fujian province.