Aramco signs Chinese refinery deal with Exxon, Sinopec


MENAFN - 26/02/2007

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(MENAFN) An Official at Saudi state oil giant Saudi Aramco announced that the company has signed an agreement with Exxon Mobil and China-based Sinopec for a project to triple the capacity of the Fujian oil refinery in southern China, the Peninsula reported.

The official indicated that the project, which is expected to end by 2009, will increase the Fujian refinery's capacity from 80,000 barrels per day (bpd) to 240,000 bpd, in addition to building a petrochemical complex to produce plastics and gasoline blending components, which will include an 800,000 ton-per-year ethylene cracker.

He added that under the agreement, Aramco and Exxon will each have 25 percent of the refinery and petrochemical joint venture, while the Fujian Petrochemical Company Limited (FPCL) will hold the remaining 50 percent.

Aramco, Exxon and Sinopec also signed contracts for a fuel marketing venture that will manage 750 service stations and a network of terminals in Fujian province.

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