White & Case advises Saudi Aramco on proposed refinery and petrochemical project with Sinopec
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Global law firm White & Case LLP has advised Saudi Arabian Oil Company (Saudi Aramco) on its heads of agreement with China Petroleum & Chemical Corporation (Sinopec) to build a refinery and petrochemical project in Gulei in China's southeastern Fujian Province.
"This project is a vital piece in Saudi Aramco's downstream strategy to expand its refining footprint globally by securing new markets for its crude and petrochemical products," said White & Case partner Saul Daniel, who co-led the Firm's deal team.
The greenfield project comprises a 16 million metric tonne per year (320,000 barrels per day) refining and petrochemical facility with a 1.5 million metric tonne per year ethylene unit. The project is expected to commence commercial operations in 2025.
White & Case partner Vivian Tsoi, who co-led the Firm's deal team, said: "The signing of the heads of agreement with Sinopec affirms Saudi Aramco's long-term commitment to China, Asia's largest economy, and the Asia-Pacific region."
White & Case has previously advised Saudi Aramco on several similar large-scale projects, including the US$15.3 billion Refinery and Petrochemical Integrated Development project in Malaysia, the US$20 billion Sadara integrated chemicals complex in Jubail Industrial City and the US$8 billion expansion of the Petro Rabigh petrochemical complex at Rabigh, both located in Saudi Arabia.
The White & Case team which advised on the transaction was led by partners Saul Daniel (Singapore) and Vivian Tsoi (Shanghai) and included counsel Ee Lynn Tan (Singapore), senior legal consultant Amy Yang (Shanghai) and associates Charlie Zhu (Shanghai) and Nettie Choo (Singapore).
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