Sinopec, Fujian Province, ExxonMobil and Saudi Aramco in Beijing Friday announced the formal Chinese government approval of Joint Venture Contracts and granting of business licenses for their two joint ventures in Fujian Province - Fujian Refining & Petrochemical Company Limited and Sinopec SenMei (Fujian) Petroleum Company Limited, Saudi Aramco reported today. The two joint ventures, with a total investment of about $5 billion.

The Fujian Refining and Ethylene Joint Venture Project, located in Quanzhou, Fujian Province, will expand the existing refinery from 80,000 bpd to 240,000 bpd.

The upgraded refinery will primarily refine and process sour Arabian crude. In addition, the project will construct an 800,000 tons-per-year ethylene steam cracker, an 800,000 tons-per-year polyethylene unit, a 400,000 tons-per-year polypropylene unit and an aromatics complex to produce 700,000 tons-per-year of paraxylene.

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