Fujian oil complex planned

ExxonMobil, Saudi Aramco and Sinopec plan to build a US$3.6 billion petroleum refining complex in Fujian province, according to US media reports citing industry sources. The two foreign firms will hold 25% shares in the complex and Sinopec will hold the remaining 50%. Contracts are expected to be signed on the deal as early as July with construction beginning in 2005. The complex is planned to include a refinery with a capacity of 12 million tons per year and a plant capable of producing 800,000 tons of ethylene per year. The refinery is scheduled to begin operation by 2007 and the ethylene plant by 2010.