Sinopec, Fujian Province, ExxonMobil and Saudi Aramco have signed a contract to cooperate in the fields of refining, petrochemicals and fuels. The deal is the first such integrated oil product agreement between a Chinese company and foreign partners, ExxonMobil says.
Sinopec, Fujian Province, ExxonMobil and Saudi Aramco have teamed up in the Fujian Refining and Ethylene Joint Venture Project. Meanwhile, Sinopec, ExxonMobil and Saudi Aramco are also partnering on the Fujian Fuels Marketing Joint Venture Project.
The Fujian Refining and Ethylene Joint Venture Project, located in Quanzhou, Fujian Province, will expand the existing refinery from 80,000 barrels per day (four million tons per year) to 240,000 barrels-per-day (12 million tons per year). The upgraded refinery will primarily refine and process sour Arabian crude.
In addition, the project will construct an 800,000 tons per year ethylene steam cracker, an 800,000 tons per year polyethylene unit, a 400,000 tons peryear polypropylene unit and an aromatics complex to produce 700,000 tons per year of paraxylene.
Fujian Petrochemical Company Limited will own half the project, with the two foreign partners each holding a quarter. Currently, the project is expected to start up in early 2009.
The Fujian Fuels Marketing Joint Venture Project will manage and operate approximately 750 service stations and a network of terminals in Fujian Province. It will be owned by Sinopec (55%), ExxonMobil (22.5%) and Saudi Aramco (22.5%).