Sinopec mulls project to expand integrated oil refinery and petrochemical complex in Fujian

10-Mar-10

China's number one oil refiner Sinopec is mulling a partnership with ExxonMobil and Saudi Aramco to expand it's existing integrated oil refinery and petrochemical complex in Fujian with a refinery to process 12 mln tons of crude and 1 mln tpa ethylene plant. Rapidly growing demand for refined oil products in Fujian province is fueling the project. Currently, a feasibility study is underway. Robust economic recovery is expected to prop demand in China. China's petrochemical industry may see 13-15% year-on-year revenue growth in 2010, with total investment in the petrochemical industry expected to grow by 15%, according to the China Petroleum & Chemical Industry Association (CPCIA). China's petrochemical industry includes oil and gas extraction, oil refining, chemical production and equipment manufacturing. The sector posted turnover of 6.63 trillion yuan in 2009, up 0.3% from a year ago.