In this decade, the Asian region will constitute 50% of the global consumption; and possibly 75% of this consumption would be met from their own capacity. While all Asian countries will continue to grow, China and India with their large population base would almost constitute 75% of the Asian demand. China·s juggernaut on the plastics manufacturing continues.
Saudi Aramco, which recently signed a project management contract (PMC) to expand a Chinese refinery, is better prepared to meet both the challenges and opportunities that 2005 will bring. Saudi Aramco affiliate Aramco Overseas Co. (AOC) and JV partners ExxonMobil and Fujian Petrochemicals Ltd., were involved in signing the PMC with a consortium of ABB Lummus and Sinopec Engineering Institute for the Fujian Integrated Project (FIP). Besides expanding the existing capacity of the refinery in the Fujian province of China, the project will also expand in the petrochem sector. The project is to include a new 800,000 tpa ethylene steam cracker, polyethylene and polypropylene units and a new 700,000 tpa paraxylene unit. The entire project is planned to be completed in the second half of 2008.