Asia proves a growing draw for Gulf players

A newly formed joint venture between Saudi Aramco and Sinopec signals rising Gulf interest in the Asian market

The $4b capitalised Fujian Sinopec Aramco Refining & Petrochemical Company, which will have a capacity of 320,000b/d and be able to produce 2mt/yr of petrochemicals, is another statement of intent about Saudi Aramco’s aim to position itself at the centre of the world’s most vibrant markets.   The Saudi state firm is eyeing other downstream projects with Chinese partners, with Sinopec and Yanbu Aramco Sinopec Refining Company looking into expanding petrochemicals output in Yanbu on the Kingdom’s west coast. Such deals represent a win-win for the Gulf player and its Chinese counterpart. “From China’s perspective, it helps meet continued import needs. In our base case, China remains a net i