Approval has been granted for construction of a petrochemical facility on China's eastern coast - a joint investment between China Petroleum & Chemical Corp. (Sinopec), Exxon Mobil Corp. and Saudi Arabian Oil Co. (Saudi Aramco). Sinopec will hold a 50% stake in the project, and the other two parties 25% each.
The 700,000 metric tons of paraxylene and aromatics facility is to have an investment outlay of CNY3.766-billion (US$485 million).
The facility is part of a $3.5-billion refining and petrochemical complex currently under construction and expected to be completed by 2008, with a crude refining capacity of 240,000 bpd.
01-Feb-07 
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