China, US, Saudi Arabia Planning Refinery JV in Fujian

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Last updated at: (Beijing Time) Friday, October 18, 2002

China, US, Saudi Arabia Planning Refinery JV in Fujian

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The Joint feasibility study for an integrated refining/petrochemical project to be built in Fujian Province, east China, was approved by the State Council Thursday night, a Sinopec official said Friday in Beijing.

The Fujian project is a joint venture involving Fujian Petrochemical of Sinopec, ExxonMobil and Saudi Aramco, which will respectively hold 50 percent, 25 percent and 25 percent of the stakes of the project.

With the State Council giving the go-ahead, the three parties will finalize the contract for the joint venture, which the official said will cost billions of US dollars.

Upon completion of the project, the refining capacity of Fujian Petrochemical will be expanded from the current four million tons per year to 12 million tons. A world-class 800,000 ton/year ethylene unit will be installed.

Sinopec, China's largest petrochemical company, considers the Fujian joint venture to be one of its key projects set for its 10th five-year plan ending 2005 and over the following ten years.

Sinopec, ExxonMobil and Saudi Aramco will also establish a fuels marketing joint venture for the project, with an aim to openand operate 600 service stations in Fujian province, pending the approval from the Chinese government.

Sinopec and the Fujian provincial government own equal shares (50 percent each) of Fujian Petrochemical.

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