Fujian Provincial Development and Reform Commission has recently given an official reply to and approved Gulei's ethylene and downstream deep processing complex project (Sino-Saudi Gulei ethylene complex project) in Fujian with a capacity of 1.5 million tons/year and a total investment of 42.07 billion yuan, marking the official settlement of the mostly invested Sino-foreign joint venture project in Fujian.

The project was jointly invested by Fujian Province Energy Petrochemical Group Co., Ltd. and the global petrochemical giant Saudi Arabia Basic Industries Corporation (SABIC) to build a complex with an annual output of 1.5 million tons of ethylene and downstream deep processing facilities in Gulei Petrochemical Industrial Park with 19 world-leading technologies applied. The project will generate an annual value of production of about 30 billion yuan after completion and drive upstream and downstream investment of over 100 billion yuan.

According to the introduction, the settlement of the project will have a critical significance for improving the domestic supply capacity of high-end chemicals, building Fujian Gulei Petrochemical Industrial Park into a world-class petrochemical industrial park, and accelerating Fujian's emergence as a core area of the 21st Century Maritime Silk Road.