Sinopec Mulls ExxonMobil, Aramco Joint Venture

Sinopec is considering a joint venture with ExxonMobil and Saudi Aramco to build an oil refinery with the capacity to process 12 million tonnes of crude per year.

The project would expand Sinopec’s existing integrated oil refinery and petrochemical complex in the Fujian province in eastern China, reports ChinaDaily.

ExxonMobil is expected to use its advanced technologies, while Saudi Aramco will provide a sustainable supply of crude oil for the refinery.

China’s petrochemical industry is anticipated to witness a 13% to 15% year-on-year revenue as a result of the economic recovery, according to the China Petroleum & Chemical Industry Association.