A worker checks equipment at a Sinopec oil refinery in QingjiangChina, March, 9th, 2010 - Sinopec, China's largest oil refiner, is considering joining forces with two global oil conglomerates to build an oil refinery able to process 12 million tons of crude per year in Fujian, a source familiar with the matter said on Monday.
The project would expand Sinopec's existing integrated oil refinery and petrochemical complex in the province and would include cooperation with US' ExxonMobil and Saudi Aramco, the national oil company of Saudi Arabia, said former vice-governor of Fujian Jia Xitai, a deputy to the ongoing National People's Congress (NPC) on Monday.
The company, together with ExxonMobil and Saudi Aramco, started operations at their 40-billion-yuan ($5.86 billion) oil refining and petrochemical complex last year.
Rapidly growing demand for refined oil products in Fujian, an eastern coastal province, is fueling the project, said Jia. "It will further ensure our energy safety," he said.
Analysts said cooperation between the three companies would bring good synergy to the project. "ExxonMobil has advanced technologies, and Saudi Aramco can offer a sustainable supply of crude oil," said Lin Boqiang, professor with Xiamen University. Such large-scale petrochemical projects are seen to benefit China's petrochemical industry, as restructuring of the industry and technology upgrades would be the main focus for the sector in the long term, he added. - China Daily
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