Joint
Feasibility Study
http://www2.exxonmobil.com/Corporate/Newsroom/Newsreleases/Corp_xom_nr_151101.asp
IRVING, Texas (November 15, 2001) -- Fujian Petrochemical Company
Limited (FPCL), ExxonMobil China Petroleum and Petrochemical
Company Limited, and Aramco Overseas Company B.V. today signed an
agreement to submit the joint feasibility study (JFS) for the
Fujian integrated petroleum/petrochemical project to the State
Development Planning Commission (SDPC) of the People's Republic
of China. The JFS will soon be submitted by the three partners to
SDPC.
The submission of the JFS will mark a significant milestone in
the development of the integrated project at the existing FPCL
refinery in Quangang, Fujian Province. FPCL is a joint venture
between Sinopec and Fujian Province.
Mr. Jia Xitai, vice governor of Fujian Province, said, "The
petrochemical industry is the key pillar industry in Fujian
Province. The Fujian integrated petroleum/petrochemical project
will definitely promote the development of the industry. The
people in Fujian have been eagerly looking forward to this
project to which the Fujian provincial government has attached
great importance. The signing of the JFS submission agreement
today represents a substantive important step undertaken by the
three partners in speeding up the development of the
petrochemical industry in Fujian province. I believe the Fujian
integrated project will certainly promote further economic
prosperity and development in Fujian and be a source of pride to
the people of Fujian."
Mr. Wang Jiming, president of Sinopec Corp., said, "The
Fujian integrated petroleum/petrochemical project is one of the
key projects for development of Sinopec Corp. during the 10th
Five-Year Plan and in the next ten years. The completion of the
JFS is the result of the joint efforts and close cooperation of
the project partners. In the wake of China's accession into the
WTO, the three partners jointly sign the agreement today to
submit the JFS, which marks an encouraging step toward the
success of our cooperation."
Mr. Rene Dahan, executive vice president of Exxon Mobil
Corporation, said, "I am pleased to see the signing of the
JFS submission agreement by the partners in Fujian project. I am
confident that our joint efforts will lead to the creation of a
world-class and world-scale project that will benefit the people
of Fujian and the nation as a whole. We look forward to the
submission of the JFS and its approval by the Chinese
government."
Mr. Abdulaziz F. Al-Khayyal, senior vice president of Saudi
Aramco, said, "The signing of the JFS submission agreement
marks a key milestone in the development of the Project and Saudi
Aramco's strategic partnership in China. The integrated petroleum
refining and petrochemical project has strong and sound
fundamentals and will contribute to the exceptional economic
development in Fujian in particular and in China in general. We
look forward to the Chinese government's acceptance and approval
of the JFS."
The Fujian venture will be a Sino-foreign joint venture among
FPCL (50 percent), ExxonMobil (25 percent) and Saudi Aramco (25
percent). The JFS is a document through which the partners
jointly agree on and define the objectives and plans for the
joint venture.
The joint venture will be formed upon approval by the Chinese
government of the JFS, the Joint Venture Contract and the
Articles of Association of the Joint Venture.
The Fujian project will involve the construction of a new
world-scale ethylene steam cracker, and polyethylene and
polypropylene units, together with chemical derivatives
manufacturing units and related distribution and marketing
facilities. The petrochemical complex will be integrated with the
refinery, which will expand its existing 80,000 barrel-per-day
refining capacity to 240,000 barrels per day.
The expanded refinery will be complemented by a petroleum
products marketing joint venture which will supply wholesale and
retail products produced by the Fujian joint venture throughout
Fujian province. The partners in the marketing joint venture will
include Sinopec and affiliates of ExxonMobil and Saudi Aramco.
OCT 17,2002 ExxonMobil
Fujian Project Joint Feasibility
Study Approved by Government
Fujian Petrochemical Company Limited
(FPCL, a 50:50 joint venture between Sinopec Corp. and the Fujian
Province), ExxonMobil China Petroleum and Petrochemical Company
Limited and Aramco Overseas Company B.V. announced today that the
State Council of the People's Republic of China has approved
their joint feasibility study (JFS) for the Fujian integrated
petroleum/petrochemical project.
This approval will facilitate
finalization of the Joint Venture Contract among the three
companies. Thereafter, the contract will be submitted to the
Ministry of Foreign Trade and Economic Cooperation for approval.
The Fujian project will be a
joint venture among FPCL (50 percent), ExxonMobil (25 percent),
and Saudi Aramco (25 percent).
Project co-venturers plan to
develop a multi-billion dollar world-class refining, marketing
and petrochemical complex in the Fujian Province. The existing
FPCL refinery in Quangang, Fujian Province, will be expanded from
its existing 80,000 barrels-per-day capacity to 240,000 barrels
per day. In addition, the project involves construction of a new
world-scale 800,000 tons-per-year ethylene steam cracker, and
polyethylene and polypropylene units, together with chemical
derivatives manufacturing units and related distribution and
marketing facilities. The petrochemical complex will take
feedstock from and be operationally integrated with the refinery.
Mr. Jia Xitai, vice governor of
Fujian Province, said, "The State Council's approval of the
JFS for the Fujian integrated petroleum/petrochemical project is
great news for the people of Fujian. The petrochemical industry
is one of the pillar industries in Fujian. Its lead project is
the Fujian integrated project, which will be highly competitive
with its world-class scale and technology. The construction of
the project will help improve the structure of the existing
petrochemical industry and product mix in the province,
facilitate the development of mid and downstream products and
speed up the overall progress of Fujian's economy. The people of
Fujian will do their best to cooperate with the partners in the
project to make it a success."
Mr. Wang Jiming, president of
Sinopec Corp., said, "The Fujian integrated
petroleum/petrochemical project is one of the key projects for
development of Sinopec Corp. during the 10th Five-Year Plan and
in the next ten years. The State Council's approval of the JFS
indicates that the Fujian integrated project has entered the
period of substantive development. Sinopec Corp. will work
closely with the project partners to accelerate the pace of the
project and achieve the objective of early formation of the joint
venture. We believe that we'll build a world-class project with
strong competitive edge by leveraging the strengths of all the
partners."
Mr. Edward G. Galante, senior
vice president of Exxon Mobil Corporation, said, "We are
very pleased with the concept of the proposed joint venture,
which was submitted to and now endorsed by the State Council. Our
experience is that an integrated refining and chemicals project
will have strong synergies, and we expect that these synergies
will be further enhanced by integration with a Fuels Marketing
Joint Venture. This, coupled with the strength and experience of
the partners, will ensure a very competitive and potentially very
successful venture that will serve the markets in Fujian and
China well."
Mr. Abdulaziz Al-Khayyal, senior
vice president of Saudi Aramco said, "We are pleased that
the State Council has now approved the project's feasibility
study. We believe that the Fujian integrated project will be
important to both the development of Fujian Province and to
greater China. We are confident that the partners will be able to
develop a successful venture and are proud that Saudi Aramco will
be able to contribute to that success and afford the joint
venture a stable and secure source of crude oil feedstock. We
look forward to the rapid completion of remaining work related to
the Marketing and Manufacturing Companies so that we can obtain
our Board and shareholders approvals to form these ventures in
the near future."
Sinopec Corp., ExxonMobil and
Saudi Aramco will also establish a fuels marketing joint venture
for the marketing of fuels products manufactured by the Fujian
Integrated Petroleum and Petrochemical Joint Venture. The
marketing joint venture, upon approval by the Chinese government,
plans to operate 600 service stations in Fujian Province.
Polyolefin products from the
chemical plant will be marketed by the partners under off-take
arrangements that have been agreed among the partners.
Chemical Week Apr
24, 2002
ExxonMobil-Sinopec JV to Include 1 Million-m.t/year Ethylene
Plant
ExxonMobil Chemical’s previously announced
petrochemicals joint venture with Sinopec at Guangzhou, China, will include a
1-million m.t./year naphtha cracker, CW has learned. The jv will
be equally
owned by ExxonMobil and Sinopec, and it is likely to be completed in
2008, sources say. This would be two to three years after scheduled
completion of ExxonMobil’s China petchems jv at Hui
An, in China’s Fujian province. That project is a jv of
ExxonMobil, Saudi Aramco, and Fujian Petrochemical. The Fujian
cracker will have an initial capacity of 600,000 m.t./year,
expandable to 800,000 m.t./year, sources say, (CW, April 3, p.
16).
ExxonMobil and Sinopec are at the early stages of work on a
project proposal for the Guangzhou complex, which they will
submit for government approval, sources say. They are expected to
begin a feasibility study once the proposal has been approved.
ExxonMobil’s partner is Sinopec
subsidiary Guangzhou Petrochemical (GPC). The jv is part of an
alliance established by ExxonMobil and Sinopec in October 2000
when ExxonMobil
bought 20% of the shares sold by Sinopec in a $3.6-billion
initial public offering. The accord also includes plans to double
GPC’s 150,000-bbl/day refining capacity, and
joint construction of up to 500 gasoline stations in Guangdong
province. GPC operates a 200,000-m.t./year ethylene plant.
The planned Guangzhou cracker will be the joint largest in China.
Dow Chemical is also proposing to build a 1-million m.t./year
cracker at Tianjin, provided it can attract other ethylene
consumers to become involved in the project. Dow says that the
cracker is unlikely to be completed before 2010, however (CW,
April 17, p. 19).
OCT 21,2002
ExxonMobil
ExxonMobil and Sinopec Sign Framework Agreement to Strengthen
Strategic Alliance in China
NEW YORK & BEIJING--(BUSINESS WIRE)--Oct. 21, 2002--China
Petroleum and Chemical Corporation (Sinopec Corp.) and ExxonMobil
China Petroleum & Petrochemical Company Limited, a subsidiary
of Exxon Mobil Corporation (NYSE:XOM), today signed a framework
agreement that will strengthen the strategic alliance between the
two companies and move forward their joint venture projects under
development in Fujian and Guangdong Provinces.
This framework agreement follows the
recent approval of the Joint Feasibility Study by the Chinese
Government for the Fujian integrated petroleum and petrochemical
joint venture between ExxonMobil, Sinopec, Fujian Province, and
Saudi Aramco.
Mr. Li Yizhong, Chairman of Sinopec Corp.,
said, "Sinopec Corp. and ExxonMobil sign this framework
agreement on the eve of President Jiang Zemin's visit to the
United States. It is another important milestone since the
establishment of the strategic alliance between our two companies
in 2000. It signifies that the development of our strategic
partnership has entered a new stage. I believe that after the
signing of this framework agreement, we will further strengthen
and broaden our cooperative relationship and achieve the various
objectives laid out in the agreement."
Mr. Lee R. Raymond, Chairman of Exxon
Mobil Corporation, said, " We are pleased to sign this
framework agreement with Sinopec, as a reinforcement of the broad
co-operation between the two companies. This framework agreement
spells out in clear terms the commitment by both companies to
achieve specific milestones in the months ahead for our joint
venture projects."
ExxonMobil and Sinopec established a
strategic alliance between the two companies in 2000. Under this
alliance, progress has been made in their joint efforts to
develop their cooperative projects in southern China's Fujian and
Guangdong Provinces.
In Fujian, ExxonMobil has been working
with Saudi Aramco, Fujian Petrochemical Company Limited (FPCL), a
joint venture between Sinopec and the Fujian provincial
government, to develop an integrated world-scale refinery and
petrochemical complex. It involves the expansion of an existing
80,000 barrels-per-day (4 million tons-per year) refinery to a
240,000 barrels-per-day (12 million tons-per-year) capacity and
the construction of a new 800,000 tons-per-year ethylene steam
cracker with potential total investment of over $3 billion. In
addition, the parties are also working toward a fuels marketing
joint venture that would operate about 600 service stations in
Fujian. The marketing joint venture will market fuel products
produced by the manufacturing joint venture.
In Guangdong, the two companies have been
evaluating a joint venture that will invest in and expand an
existing refinery and petrochemical facilities currently owned by
Sinopec. The parties are also developing a fuels marketing joint
venture that is expected to operate about 500 service stations
within three years of joint venture formation.
Under the framework agreement, ExxonMobil
and Sinopec will accelerate and complete the relevant work of the
projects according to defined work plans.
In addition, both parties expressed intent
to explore new opportunities for broadening their cooperative
efforts.
China Chemical Reporter 2003-12-16
The
Integrated Project in Fujian Petrochemical
http://www.sinocheminfo.com/topnews/r200312161019.htm
The
construction of the 8.0 million t/a oil refining and 800 000 t/a
ethylene production project in SINOPEC Fujian Petrochemical Co.,
Ltd. has entered the substantive stage.
The integrated project in the company is located along the coast
of the Meizhou Bay. It has a total investment of RMB26.692
billion and is jointly funded by Fujian Petrochemical Co., Ltd., (representing
SINOPEC and Fujian Province), Exxon-Mobil China Petrochemical
Co., Ltd. of the United States and Aramco of Saudi
Arabia with an equity ratio of 50:25:25. The
existing 4. 0 million t/a oil refining unit in the company is
taken as the basis to expand the oil refining capacity by 8.0
million t/a to reach a total of 12.0 million t/a. An 800 000 t/a
ethylene unit and downstream processing units, as well as
facilities and utilities outside the battery limit including a
300 000t dock, will also be constructed.
The project execution coordination group held the first meeting
on Oct. 21 this year. The overall target for the completion of
the 8.0 million t/a oil refining unit in 2006 and the completion of
the 800 000 t/a ethylene production unit in 2007 was defined. The
overall process optimization scheme was passed and the fund
utilization plan for the fourth quarter of this year and 2004 was
also finalized.
Fujian Petrochemical Co. , Ltd. only had an oil processing
capacity of 2.5 million t/a in the first years. The attempt at
forming joint venture and integrating oil refining and chemical
production was therefore taken as their development concept early
in 1993 when the company started production. From 1994 the
company contacted several foreign companies to seek ways of
cooperation and decided to partner with Exxon-Mobil of the United
States and Aramco of Saudi Arabia in the construction of a
world-class petrochemical project. On Sept. 18, 2002 the State
Council made a positive reply to the feasibility study report on
the integrated project and on Oct. 11 the former State
Development Planning Commission formally approved
the feasibility study report.
The integrated project attracted the attention of domestic and
foreign companies from the outset. Joint venture partners in the
project include SINOPEC, Fujian Province, Exxon-Mobil of the
United States and Aramco of Saudi Arabia. Judging from the
performance in the past two years, the operating indexes in the
company such as profit per ton of oil, per- capita profit and
rate of return on capital hold a leading position in SINOPEC
enterprises. Exxon-Mobil is a large multinational with the
biggest scale of integration between oil refining and chemical
production in the world. Saudi Oil Company, the parent company of
Aramco, is the biggest oil producer and exporter in the world. A
stable and reliable availability of low-priced crude oil is
guaranteed and the freight cost of crude oil transported by
super-class oil tanker is not high either.
The integrated project makes an organic combination of oil
refining and chemical production. The oil refining section
provides the chemical production section with high-quality
cracking raw materials such as naphtha and hydrogenated tail gas.
Byproducts in the chemical production section such as hydrogen
and cracked gasoline are taken back to the oil refining section.
Oil refining and chemical production use a single process flow, a
single general layout and a single utility system.
In terms of technology and equipment, the production and the unit
scale of oil refining, ethylene cracking, polyethylene and
polypropylene hold a leading position in the world. All the
equipment will be selected and purchased worldwide and the most
advanced technology in the world will be used to reduce the cost
of construction and operation. The quality of oil products,
ethylene, polyethylene and polypropylene can hopefully reach the
world advanced level. Advanced concepts and methods of management
and advanced modes of marketing will be introduced from Exxon-
Mobil. PMC ( project master contraction) will be adopted to save
investment and ensure quality. The most advanced environmental
protection technologies and equipment in the world will also be
used and the quality of environmental protection will therefore
hopefully reach the world advanced level. The Meizhou Bay is an
excellent natural deepwater port that can berth 300 000t ships
and has good conditions for constructing large docks.
According to experts, after the completion of the integrated
project in Fujian Petrochemical Co., Ltd. the supply shortage of
oil products in Fujian will be changed. Besides meeting the
market demand in Fujian, gasoline, kerosene and diesel produced
in Fujian Refining and Chemical Co., Ltd. can also be provided to
surrounding provinces and used for export.
ExxonMobil denies Fujian project
talks progressing smoothly
There has been "no dramatic change" in discussions
between ExxonMobil and its joint venture partners in the Fujian
refinery and petrochemical project in China, an ExxonMobil
official said Monday. "I would not say there's sharp
improvement in talks recently," the official said. The
comment was in marked contrast to the optimism from its Chinese
partners, following a visit to China this month by the Saudi oil
minister, Ali Naimi.
Sinopec, ExxonMobil, Saudi Aramco
and Fujian Petrochemical Sign Agreements to Progress Fujian
Manufacturing and Marketing Projects 福建省泉州市泉港区
http://www.exxonmobil.com/Corporate/Newsroom/NewsReleases/xom_nr_260804.asp
Fujian Petrochemical Company
Limited (a company owned 50 percent by China Petroleum &
Chemical Corporation (Sinopec) and 50 percent by Fujian
Government) (FPCL), ExxonMobil China Petroleum and Petrochemical
Company Limited (ExxonMobil), and Aramco Overseas Company B.V.
(Saudi Aramco) reached agreement today to jointly fund the front
end loading (FEL) design activity for a more than $3.5 billion
dollar project involving expansion of the existing refinery in
Fujian Province and addition of a chemical complex. The project would result in a
world-class integrated refining and chemicals complex located at
Quangang, Quanzhou City near Meizhou Bay in Fujian Province.
ExxonMobil, Sinopec and Saudi Aramco also agreed to submit a
joint feasibility study (JFS) for a fuels marketing joint venture in Fujian Province to the government of
the People's Republic of China.
The FEL activity includes completing initial engineering and
design, selecting contractors, finalizing cost estimates and the
development of the pre-ordering long-lead time equipment. At the
conclusion of the FEL effort, the parties will make a final
decision on joint venture formation and project construction.
The Fujian Integrated Project will expand the existing refinery
in Fujian Province from 80,000 barrels-per-day (4 million
tons-per-year) to 240,000 barrels-per-day (12 million
tons-per-year) with
significant product upgrading capability. The upgraded refinery
will be designed to refine and process sour Arabian crude. In
addition, the project involves construction of a new 800,000 tons-per-year
ethylene steam cracker, polyethylene and polypropylene units, and
a new 700,000 ton-per-year paraxylene unit. Currently, completion is estimated for
first half 2008. The start of FEL is an important step in
developing this major integrated complex.
The Fujian Integrated Project Joint Venture, when formed, will be
a Sino-foreign venture among FPCL (50 percent), ExxonMobil (25
percent), and Saudi Aramco (25 percent).
The submission of the fuels marketing JFS will mark a significant step in the
development of the Fujian integrated ventures. The JFS is a
document through which the parties, Sinopec (55 percent), ExxonMobil (22.5
percent) and Saudi Aramco (22.5 percent), will jointly agree upon and define
future objectives and plans. The joint venture will market
petroleum products produced by the Fujian Integrated Project
throughout Fujian Province.
The Fujian Marketing Joint Venture plans to manage and operate
more than 600 service stations and a network of terminals. The
joint venture will be formed upon approval by the Chinese
government of the JFS and the joint venture contract, and the
completion of all other required contracts, agreements and
documentation by the parties.
Together, the Fujian Integrated Project and the Fujian Marketing
Joint Venture will be the first fully integrated Sino-foreign
project to meet China's rapidly growing demand for petroleum and
petrochemicals. Synergies among these world-class, integrated
businesses will enhance the competitiveness of this project, and
provide world-class performance.
Exxonl, Aramco start work
on Fujian refinery
http://www.chinadaily.com.cn/english/doc/2004-12/02/content_396749.htm
Exxon Mobil Corp., the
world’s biggest publicly traded oil
company, and Saudi Aramco started engineering work on a US$3.5 billion
refinery in China’s southern Fujian
Province, a
Saudi official said.
“We
have begun some basic engineering work on the refinery,"
Abdulaziz al-Khayyal, Saudi Aramco’s senior vice president of
refining and oil marketing, said. “We expect to sign a final joint
venture agreement by next year."
Exxon,
Aramco and China Petroleum & Chemical Corp. (SINOPEC) plan to expand the refinery to process 240,000
barrels of oil a day from
80,000 barrels a day. Exxon and its partners are also building
chemical plants, including an 800,000-ton-a-year ethylene plant
among other chemical units.
Saudi Arabia, the world’s biggest oil exporter, is
investing in oil refineries to secure outlets for its crude oil
exports, half of which are consumed in Asia. The kingdom may
expand its oil output capacity by 14 percent to ease concern of
shortages as demand rises in China and other markets.
China passed Japan as the world’s second-largest oil consumer last
year, after the United States. It will need more than 10 million
barrels of crude a day by 2030, up from 6.3 million now,
according to the International Energy Agency, an adviser to 26
industrialized nations. China’s crude imports rose 34 percent in
October as domestic production failed to keep up with soaring
demand.
Saudi Arabia was the second-largest overseas supplier of crude to
China in October after Angola, supplying the Asian country with
1.5 million metric tons (10.6 million barrels), Beijing-based
Customs General Administration said this month.
Saudi Aramco wants to invest in Asia and elsewhere to expand its
market share. The company has holdings in refineries in the
United States, Japan, Greece, the Philippines and South Korea
that process close to 2.3 million barrels of oil a day into
fuels.
"We are looking to invest in other refineries with other
partners, but we have a higher priority in the Far East because
that's where the growth is," al-Khayyal said.
2005/7/8 Platts
Construction begins on China's Fujian ethylene, refining project
Partners in China's Fujian integrated ethylene and refining joint
venture project Friday held a groundbreaking
ceremony to
mark the start of construction in Quanzhou, Fujian province. The
event was attended by senior Chinese ministry and provincial
officials, Saudi government officials, and top executives from
the partners Sinopec Corp, ExxonMobil and Saudi Aramco, as well
as Saudi oil minister Ali Naimi. The project will set up new
petrochemical facilities at the complex including an 800,000 mt/year
ethylene steam cracker, a 650,000 mt/year polyethylene unit, a
400,000 mt/year polypropylene unit and a 1-mil mt/year aromatics
unit. The
project will triple the existing Fujian Petrochemical Co's
refinery capacity from 4-mil mt/year to 12-mil mt/year (240,000
b/d).
China's First Fully Integrated
Refining, Petrochemicals and Fuels Marketing Joint Ventures with
Foreign Participation
Inauguration Ceremony in Beijing
Marks the Formation of the Ventures
Sinopec, Fujian Province, ExxonMobil and Saudi Aramco today 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 - 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 percent), ExxonMobil China Petroleum and Petrochemical Company Limited (25 percent) and Saudi Aramco Sino Company Limited (25 percent). The project is expected to start up in early 2009.
The Fujian Fuels Marketing Joint Venture, formally registered as "Sinopec SenMei (Fujian) Petroleum Company Limited," will manage and operate approximately 750 service stations and a network of terminals in Fujian Province. It will be owned by Sinopec (55 percent), ExxonMobil China Petroleum and Petrochemical Company Limited (22.5 percent) and Saudi Aramco Sino Company Limited (22.5 percent).
The ceremony was attended by Mr. Chen Jinhua, former Vice Chairman, the Chinese People's Political Consultative Conference; His Excellency Ali Al-Naimi, Minister of Petroleum & Mineral Resources, Saudi Arabia; Mr. Huang Xiaojing, Governor, Fujian Province; Mr. Chen Tonghai, President, China Petrochemical Corporation (Sinopec Group) and Chairman, China Petroleum & Chemical Corporation (Sinopec Corp.); Mr. Abdallah S. Jum'ah, President & CEO, Saudi Aramco; and Mr. Steve Simon, Director and Senior Vice President, Exxon Mobil Corporation. Other dignitaries from Chinese ministries, Saudi Aramco, ExxonMobil, Sinopec and Fujian Province were also present.
Together, the Fujian Refining and Ethylene Joint Venture Project and the Fujian Fuels Marketing Joint Venture will serve to meet China's rapidly growing demand for petroleum products and petrochemicals. Synergies from these two world-scale, integrated businesses, closely coupled with the strengths of the four partners and a long-term crude supply agreement with Saudi Aramco, significantly enhance the competitiveness of this project, and help ensure its world-class performance. It will also boost the development of China's petrochemical industry and contribute to the economic development of Fujian Province.
1Fujian 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.