Partners reach JV agreement on Fujian petrochem project

The three partners in Fujian Refining and Petrochemical Co - Exxon, Sinopec and Saudi Arabian Oil, also known as Aramco have finally reached an agreement. The agreement was reached despite China's policy of capping pump prices, which have brought losses to Chinese refiners because they cannot pass on high crude costs to consumers. Sinopec will own 50% of the joint venture, with Aramco and Exxon holding 25% each. The refinery will primarily process sour Arabian crude supplied by Aramco. The project comprises construction of an ethylene steam cracker with a capacity of 800,000 metric tpa, a polyethylene unit with a capacity of 800,000 tpa, a polypropylene unit with a capacity of 400,000 tpa and an aromatics complex to produce 700,000 tpa of paraxylene. Support facilities including power generators and a berth capable of handling tankers with a capacity of 300,000 deadweight tons will also be built.
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