Approval for Fujian petrochemical plant

The central government has approved a US$3bn project to build a petrochemical plant in Quanzhou, Fujian province. The plant is a joint venture between China Petroleum & Chemical, Fujian Petroleum & Chemical, US oil giant Exxon Mobil and Aramco of Saudi Arabia, with each partner holding a 25 per cent stake. The plant will have an annual capacity of 12m tons of oil products and 600,000 tonnes of ethylene.