A petrochemical complex of Sinopec, China's largest refiner, officially went into operation Tuesday, aiming to tap growing demand for fuel oil and chemicals.

The Tianjin-based facility can refine 10 million tons of crude per year and produce one million tons of ethylene annually, Wednesday's China Daily reported.

The ethylene manufacturing project is a 50-50 joint venture between Sinopec and Saudi Basic Industries Corp (SABIC), a major petrochemical producer in the world's largest oil-producing nation, Saudi Arabia.

After the start-up of the project, Sinopec will expand its oil refining facility in Tianjin to 15.5 million tons per year, and increase ethylene production to 1.2 million tons annually, the company said.

The two countries will further boost cooperation in petrochemical manufacturing and large project construction, the newspaper quoted SABIC Chairman, Prince Saud Bin Thenayan Al Saud as saying.

China has now become one of the top three markets for the Middle Eastern country's oil exports, and the country is one of the fastest-growing markets around the world.

China's net oil imports are expected to total 210 million tons this year.