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Business
Exxon and Partners Launch China Venture
March 5, 2007
| A version of this story appeared in
Volume 85, Issue 10
More than 10 years after talks began, China Petroleum & Chemical (Sinopec), ExxonMobil, and Saudi Aramco have officially formed a joint-venture company for their project to renovate a refinery in China's Fujian province and build a petrochemical complex. As announced earlier, half of the venture will be owned by Sinopec and a quarter each by ExxonMobil and Aramco. The partners will triple capacity at a Sinopec refinery and build an 800,000-metric-ton-per-year ethylene cracker and related downstream plants. The companies expect the complex to open in 2009; five years ago, ExxonMobil said it would be built by this year.
The power is now in your (nitrile gloved) hands
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