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Empresas y finanzas

Launch of First Fully Integrated Refining, Petrochemicals and Fuels Marketing Joint Venture Projects with Foreign Participation in China


    Sinopec, Fujian Province, ExxonMobil and Saudi Aramco* today
    announced the signing of the contract for the Fujian Refining and
    Ethylene Joint Venture Project. At the same time, Sinopec, ExxonMobil
    and Saudi Aramco today signed the contract for the Fujian Fuels
    Marketing Joint Venture Project. The signing of the two joint venture
    contracts marks significant milestones in the development of China's
    first fully integrated Sino-foreign projects that involve refining,
    petrochemicals and fuels and chemicals marketing.

    The Fujian Refining and Ethylene Joint Venture Project, located in
    Quanzhou, Fujian Province, will expand the existing refinery from
    80,000 barrels-per-day (4 million tons-per-year) to 240,000
    barrels-per-day (12 million tons-per-year). The upgraded refinery will
    primarily refine and process sour Arabian crude. In addition, the
    project will construct an 800,000 tons-per-year ethylene steam
    cracker, an 800,000 tons-per-year polyethylene unit, a 400,000
    tons-per-year polypropylene unit and an aromatics complex to produce
    700,000 tons-per-year of paraxylene. Support facilities including a
    300,000 ton crude berth and power cogeneration will also be built.
    This joint venture company will be owned by Fujian Petrochemical
    Company Limited (FPCL) (50%), ExxonMobil China Petroleum and
    Petrochemical Company Limited (25%) and Saudi Aramco Sino Company
    Limited (25%). Currently, the project is expected to start up in early
    2009.

    The Fujian Fuels Marketing Joint Venture Project will manage and
    operate approximately 750 service stations and a network of terminals
    in Fujian Province. It will be owned by Sinopec (55%), ExxonMobil
    (22.5%) and Saudi Aramco (22.5%).

    Together, the Fujian Refining and Ethylene Joint Venture Project
    and the Fujian Fuels Marketing Joint Venture Project will serve to
    meet China's rapidly growing demand for petroleum products and
    petrochemicals. Synergies among these two world-class, integrated
    businesses, closely coupled with the strengths of each partner and a
    reliable supply of crude oil from Saudi Aramco, significantly enhance
    the competitiveness of this project, and help ensure its world-class
    performance.

    *Fujian Petrochemical Company Limited (FPCL) is owned 50% by China
    Petroleum and Chemical Corporation (Sinopec) and 50% by the Fujian
    Government. ExxonMobil China Petroleum and Petrochemical Company
    Limited (ExxonMobil) is a wholly owned affiliate of Exxon Mobil
    Corporation (NYSE:XOM) and Saudi Aramco Sino Company Limited (Saudi
    Aramco) is a wholly owned affiliate of Saudi Aramco.

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    *T
    FUJIAN REFINING AND ETHYLENE JOINT VENTURE PROJECT
    AND
    FUJIAN FUELS MARKETING JOINT VENTURE PROJECT
    FACT SHEET
    *T

    Fujian Refining and Ethylene Joint Venture Project and Fujian
    Fuels Marketing Joint Venture Project, both located in southeastern
    China's Fujian Province, will be the first fully integrated refining,
    petrochemicals and fuels marketing Sino-foreign projects ever
    attempted in China.

    Fujian Refining and Ethylene Joint Venture Project

    -- Jointly invested by Fujian Petrochemical Co., Ltd. (a company
    owned 50% by Sinopec and 50% by Fujian Government) (50%),
    ExxonMobil China Petroleum and Petrochemical Co., Ltd. (25%)
    and Saudi Aramco Sino Co., Ltd. (25%).

    -- Expand the existing refinery in Quanzhou, Fujian Province from
    80 KBD (4 million tons-per-year) to 240 KBD (12 million
    tons-per-year). The upgraded refinery will primarily refine
    and process sour Arabian crude. In addition, the project will
    build new petrochemical facilities, including

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    *T
    -- an 800,000 tons-per-year ethylene steam cracker
    -- an 800,000 tons-per-year polyethylene unit
    -- a 400,000 tons-per-year polypropylene unit, and
    -- an aromatics complex based on a 700,000 tons-per-year
    paraxylene unit.
    *T

    -- A 300,000 tons crude berth and utilities, including
    cogeneration facilities of 280MW. Electricity generated by the
    cogeneration facilities will provide about 80% of the power
    requirement.

    Key Dates:

    -- November 2001, partners submitted the joint feasibility study
    (JFS) to the State Development and Planning Commission.

    -- October 2002, State Council approved the JFS.

    -- July 8, 2005, partners held a groundbreaking ceremony in
    Quanzhou, Fujian Province to mark the start of construction.

    -- Front-end Loading (FEL) phase of the project has been
    essentially completed and the Engineering, Procurement and
    Construction (EPC) phase is in progress.

    -- Fujian Refining and Ethylene Joint Venture will be formed upon
    government approval of the Joint Venture Contract signed on
    February 25, 2007.

    -- Start-up of the expanded facilities is currently estimated to
    take place in early 2009

    Fujian Fuels Marketing Joint Venture Project

    -- Jointly invested by Sinopec (55%), ExxonMobil China Petroleum
    and Petrochemical Co., Ltd. (22.5%) and Saudi Aramco Sino Co.,
    Ltd. (22.5%).

    -- Market diesel and motor gasoline products produced by Fujian
    Refining and Ethylene Joint Venture Project. Manage and
    operate approximately 750 service stations and a network of
    terminals in Fujian Province.

    Key Dates:

    -- August 2004, partners submitted the joint feasibility study
    (JFS) to the National Development and Reform Commission.

    -- April 2006, State Council approved the JFS.

    -- Fujian Fuels Marketing Joint Venture will be formed upon
    government approval of the Joint Venture Contract signed on
    February 25, 2007.