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Fujian Refining and Ethylene Joint Venture Project launched

05
Apr '07
Sinopec, Fujian Province, ExxonMobil and Saudi Aramco held an inauguration ceremony at the Great Hall of the People in Beijing to mark the formal government approval of Joint Venture Contracts and granting of business licenses for their two joint ventures in Fujian Province ¨C Fujian Refining & Petrochemical Company Limited and Sinopec SenMei (Fujian) Petroleum Company Limited.

The two joint ventures, with a total investment of about US$5 billion, are the first fully integrated refining, petrochemicals and fuels marketing project with foreign participation in China.

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.

The joint venture company, formally registered as "Fujian Refining & Petrochemical Company Limited", 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%). The project is expected to start up in early 2009.


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