According to the contract, Saudi Basic Industries Corporation and Fujian Petrochemical Group will establish a joint venture with an investment of about 40 billion yuan to build and operate a world-class large-scale petrochemical complex—Zhongsha Gulei Ethylene Project in Fujian Gulei Petrochemical Base. The project will build an ethylene plant with an annual output of 1.5 million tons, as well as a series of downstream production plants. It adopts a number of global advanced technologies. It has a large-scale plant, good economic benefits, many high-end products, low energy consumption and emissions, and downstream drives. Strong and other characteristics.

Yin Li said that Fujian attaches great importance to cooperation projects and hopes that both parties will work together to achieve mutual benefit and win-win results. We are willing to work with Saudi Basic Industries Corporation to advance scientific and technological innovation, strengthen joint research on key core technologies in the industry, develop and produce more high value-added products to meet market needs; work together to build a modern industry, take the project as an opportunity to cultivate world-class petrochemicals Enterprises, build world-class petrochemical industrial parks, and promote the continuous development and growth of Fujian's petrochemical industry; join hands to open up the international market, match up with each other, strengthen cooperation in more fields through various means, and jointly shape new international cooperation and competitive advantages. Yin Li said that all relevant parties in Fujian will step up their pace of work, and under the premise of preventing and controlling the epidemic, speed up the progress of project construction, and promote early production, early production and early results.