Other dignitaries from relevant Chinese ministries, Saudi Arabian government, Saudi Aramco, ExxonMobil, Sinopec, Fujian Province and Quanzhou were also present.
Mr. Jia Qinglin said in his letter that Fujian Integrated Refining and Ethylene Joint Venture Project is the largest world-class Sino-foreign refining and petrochemicals project ever attempted in China. He hopes that it will be a sound competitive joint venture project utilizing the strengths of each partner. It will make a positive contribution to the advancement of China's petrochemical industry, the well-being of the Chinese society and the economic development on the Economic Zone on the west coast of the Strait.
Fujian Integrated Refining and Ethylene Joint Venture Project will expand the existing refinery at Fujian Petrochemical Co Ltd (FPCL) from 4 million tons-per-year to 12 million tons-per-year. The upgraded refinery will be designed to refine and process sour Arabian crude. In addition, the project will build new petrochemical facilities, including an 800,000 tons-per-year ethylene steam cracker, a 650,000 tons-per-year polyethylene unit, a 400,000 tons-per-year polypropylene unit and a 1 million tons-per-year aromatics unit. A 300,000 tons crude berth and associated utilities will also be built.
This joint venture project will be formed by FPCL (50%), ExxonMobil China Petroleum and Petrochemical Co Ltd (25%) and Aramco Overseas Company B.V. (25%). Before the groundbreaking ceremony, partners initialed the Joint Venture Contract, Articles of Association and 2 other documents in Fuzhou, Fujian Province for submission to the Ministry of Commerce for preview soon.
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