Oct. 02. - Fujian Project Joint Feasability Study Approved by Government

Source Press Release
Company SinopecExxonMobil 
Tags Upstream Activities
Date October 17, 2002

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 that the State Council of the People's Republic of China has approved their joint feasibility study 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 barrel-per-day capacity to 240,000 barrels-per-day. In addition, the project involves construction of a new world-scale 800,000 ton-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.

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.

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