|  | LAUNCH OF FIRST FULLY INTEGRATED REFINING,
PETROCHEMICALS AND FUELS MARKETING JOINT VENTURE PROJECTS WITH FOREIGN
PARTICIPATION IN CHINA
--Contract signing by
Sinopec, Fujian Province, ExxonMobil and Saudi Aramco marks start of a world
class project to meet China’s rapidly growing demand for petroleum and
petrochemicals
Beijing, China, February 25, 2007 -- Sinopec, Fujian Province, ExxonMobil and
Saudi Aramco* today announced the signing of the contract for the Fujian
Refining and Ethylene Joint Venture Project. At the same time, Sinopec,
ExxonMobil and Saudi Aramco today signed the contract for the Fujian Fuels
Marketing Joint Venture Project. The signing of the two joint venture
contracts marks significant milestones in the development of China’s first
fully integrated Sino-foreign projects that involve refining, petrochemicals
and fuels and chemicals marketing.
The Fujian Refining and Ethylene Joint Venture Project, located in Quanzhou,
Fujian Province, will expand the existing refinery from 80,000 barrels-per-day
(4 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-per-year polypropylene unit and an aromatics complex to
produce 700,000 tons-per-year of paraxylene. Support facilities including a
300,000 ton crude berth and power cogeneration will also be built. This joint
venture company will be owned by Fujian Petrochemical Company Limited (FPCL)
(50%), ExxonMobil China Petroleum and Petrochemical Company Limited (25%) and
Saudi Aramco Sino Company Limited (25%). 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%).
Together, the Fujian Refining and Ethylene Joint Venture Project and the
Fujian Fuels Marketing Joint Venture Project will serve to meet China’s
rapidly growing demand for petroleum products and petrochemicals. Synergies
among these two world-class, integrated businesses, closely coupled with the
strengths of each partner and a reliable supply of crude oil from Saudi
Aramco, significantly enhance the competitiveness of this project, and help
ensure its world-class performance.
Note to Editors:
* Fujian Petrochemical Company Limited (FPCL) is owned 50% by China Petroleum
and Chemical Corporation (Sinopec) and 50% by the Fujian Government.
ExxonMobil China Petroleum and Petrochemical Company Limited (ExxonMobil) is a
wholly owned affiliate of Exxon Mobil Corporation and Saudi Aramco Sino
Company Limited (Saudi Aramco) is a wholly owned affiliate of Saudi Aramco.
Media Contacts:
Chinese Party:
(Beijing) Mr. Sang Jinghua (8610) 6499 0092
(Fujian) Mr. Lin Li (86591) 8752 5766
ExxonMobil:
(Beijing) Ms. Sarah Du (8610) 6505 3880 ext. 7109
(Fairfax, VA) Ms. Prem Nair (703) 846 4467
Saudi Aramco:
(Dhahran, SA) Mr. Jamal Thabet Kheir (966 3) 874 5350
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