On 9 September, Saudi Arabia’s national oil company, Saudi Aramco, announced the establishment of a joint venture with China Petroleum & Chemical Corporation (Sinopec) and Fujian Petrochemical Company Limited (FPCL) to build a large-scale integrated refining and petrochemical complex in Fujian province, China. The agreement, formalised through the creation of Fujian Sinopec Aramco Refining & Petrochemical Co. Ltd., entails an investment of $9.8 billion for a facility slated for completion by 2030. Riyadh may be returning to focusing on energy deals following a series of setbacks with what have been called overly-ambitious megaprojects for Vision 2030.
