08 January 2013 03:45 [Source: ICIS news]
SINGAPORE (ICIS)--Aramco Asia has officially tapped into China’s petrochemical market with the start of marketing polyolefins in China on 1 January, a statement from the company said on Tuesday.
Aramco Asia will annually sell 200,000 tonnes of polyethylene (PE) and 130,000 tonnes of polypropylene (PP), produced by Fujian Refining & Petrochemical (FREP), through Aramco Asia’s branch office in Xiamen, Fujian province of south China.
In addition to polyolefins, Aramco Asia also plans to market a variety of other petrochemicals such as aromatics in Asia. The marketing will be facilitated through Aramco Asia’s branch office in Shanghai.
These product lines represent a major growth of business for Aramco Asia.
Aramco Asia, a wholly-owned subsidiary of Saudi Aramco, was inaugurated on 12 November in 2012. It is headquartered in Beijing, with branches in Xiamen and Shanghai.
Aramco Asia is established to serve the vibrant and important Asian energy and chemical markets, and act as Saudi Aramco’s marketing intelligence hub in Asia.
Aramco Asia will provide a wide array of services, including crude oil marketing services, chemical sales and marketing, joint venture coordination, procurement, research and development, and project management in the region.
Saudi Aramco is a fully-integrated global petroleum and chemicals enterprise, and a world leader in exploration, production, refining, distribution and marketing.
FREP, a large-scale petrochemical enterprise located in Quanzhou, Fujian province, is a joint venture among Saudi Aramco Asia Co (SAAC), ExxonMobil China Petroleum & Petrochemical and Fujian Petrochemical Co Ltd (FPCL), with a total investment of approximately yuan (CNY) 40 bn ($6.42bn).
($1 = CNY6.23)
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