By OGJ editors
HOUSTON, Feb. 27 -- Subsidiaries of China Chemical & Petroleum Corp. (Sinopec), ExxonMobil Corp., and Saudi Aramco jointly signed two separate contracts for a related project to triple refining capacity at a Fujian Province refinery. The projects seek to meet China's rapidly growing demand for petroleum and petrochemicals.
One contract is for the Fujian Refining & Ethylene Joint-Venture Project, which will increase the existing 80,000 b/d refinery in Quanzhou City to 240,000 b/d. The expanded refinery primarily will refine and process sour Saudi Arabian crude.
The project also will include construction of an 800,000 tonne/year ethylene steam cracker, an 800,000 tonne/year polyethylene unit, a 400,000 tonne/year polypropylene unit, and an aromatics complex to produce 700,000 tonnes/year of paraxylene. In addition, a 300,000-tonne crude berth and utilities, including cogeneration facilities of 280 Mw, also will be built.
Electricity generated by the cogeneration facilities will provide about 80% of the power requirement for the project, which is expected to start up in early 2009.
Interest in this project will be held by Fujian Petrochemical Co. Ltd. (a 50:50 Sinopec-Fujian government partnership) 50%, ExxonMobil China Petroleum & Petrochemical Co. Ltd. 25%, and Saudi Aramco Sino Co. Ltd. 25%.
The other contract is the Fujian Fuels Marketing Joint-Venture Project, which will market diesel and motor gasoline products produced by Fujian Refining & Ethylene Joint-Venture Project, as well as manage and operate about 750 service stations and a network of terminals in Fujian Province. It will be owned 55% by Sinopec, ExxonMobil 22.5%, and Saudi Aramco 22.5%.
Both JVs will be formed upon government approval.
