China's first fully integrated refining, petrochemicals and fuels marketing project with foreign participation granted approval

15-Jun-07

China's first fully integrated refining, petrochemicals and fuels marketing project with foreign participation have received government approval of contracts and business licences. The projects will comprise of two joint ventures with a total investment of about US$5 bln and are scheduled to come on stream by H1-2009. The joint venture company, formally registered as Fujian Refining and Petrochemical Company Limited, will be 50% owned by Fujian Petrochemical Company Ltd., 25% by ExxonMobil China Petroleum and Petrochemical Company Limited and 25% by Saudi Aramco Sino Company Limited. The business licences for joint ventures were given in Fujian province to Fujian Refining and Petrochemical Company Limited and Sinopec SenMei (Fujian) Petroleum Company Limited. The Fujian refining and ethylene joint venture project, located in Quanzhou, will expand the existing refinery from 80,000 bpd to 240,000 bpd. The project also involves constructing an 800,000 tpa ethylene steam cracker, an 800,000 tpa polyethylene unit, a 400,000 tpa polypropylene unit and an aromatics complex to produce 700,000 tpa of paraxylene. Support facilities including a 300,000-tonne crude berth and power cogeneration will also be built. 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 55% owned by Sinopec, 22.5% by ExxonMobil China Petroleum and Petrochemical Company Limited and 22.5% by Saudi Aramco Sino Company Limited.