China approved a long-awaited plan by ExxonMobil, Chinese and Saudi Arabian oil companies to build an oil-refining and petrochemical plant, the Wall Street Journal reported. The National Development and Reform Commission announced the approval on its website. The US$485 million plant is part of a $3.5 billion joint venture involving ExxonMobil, Saudi Arabian Oil and Sinopec. The three companies agreed to improve a Sinopec refinery in Fujian in 2004, and have now begun work on it. Sinopec holds a 50% stake and the other two parties a 25% stake each.