On February 19th, the main project of the Zhongsha Gulei Ethylene Project, with a total investment of 44.8 billion yuan, officially started construction at the Gulei Petrochemical Base in Zhangzhou, one of the seven major petrochemical bases in China. This project is not only the largest Sino foreign joint venture project in Fujian Province to date, but also symbolizes the increasingly important role that Fujian Province plays in the new era of China Arab cooperation as the core area of the 21st century Maritime Silk Road.

Fujian Energy and Petrochemical Group and world petrochemical giant Saudi Basic Industry Company announced a 49% to 51% stake joint venture to construct the Zhongshagulei ethylene project. The total investment of this project is about 44.8 billion yuan, and it is expected to be completed and put into operation in 2026. At that time, its annual ethylene production capacity can reach up to 1.8 million tons, and its annual output value is expected to exceed 30 billion yuan, which will become a major highlight of the petrochemical industry in Fujian Province and even the whole country.

From the initial docking in early 2018 to the completion of the final investment decision on January 21, 2024, the Zhongsha Gulei ethylene project has finally reached a critical turning point after nearly six years of careful preparation and patient waiting. The foreign shareholder of this project, Saudi Basic Industries Company, officially announced on January 21, 2024 that the final investment decision has been completed, marking the official entry of the project into the comprehensive construction phase.

Saudi Basic Industries Corporation, as a global leader in the petrochemical industry, has operations in approximately 50 countries worldwide. Recently, the company clearly stated that the Zhongsha Gulei ethylene project occupies an important position in its investment layout in China. Keywords: the Belt and Road news, the Belt and Road project, overseas project.

Fujian has a long history of exchanges and cooperation with countries along the the Belt and Road, and economic and trade exchanges are increasingly frequent. In 2023, the total trade volume between the two sides exceeded 1 trillion yuan. The China Saudi Arabia Gulei Ethylene Project is one of the important achievements of Fujian Province in actively responding to the the Belt and Road Initiative and docking with the Saudi Arabia's national vision. The project not only sets an example for promoting practical cooperation between China and Saudi Arabia in various fields, but also deepens the interest integration and people to people connections between the two countries in energy, economy and other fields. (This article is from the official website of Jiandao: www.seetao. com. Reproduction without permission is not allowed, otherwise it will be punished. Please indicate Jiandao's website and the original link when reprinting.) Jiandao's mechanical column editor/Zhou Yingwen