Jeddah - Saudi Aramco has entered into a major agreement with its Chinese and American partners for a $3.5 billion refinery project.
Saudi Aramco's Overseas Company B.V. joined Fujian Petrochemical Company Limited (FPCL) and ExxonMobil China Petroleum and Petrochemical Company Limited are to fund the front end loading (FEL) design activity for the expansion of the existing refinery in Fujian Province and addition of a Chemical complex.
The project would result in a world-class integrated refining and chemicals complex located at Quangang, Quanzhou City near Meizhou Bay in Fujian Province, said a statement from the three partners.
Saudi Aramco also agreed with ExxonMobil and FPCL's parent company Sinopec to submit a joint feasibility study (JFS) for a fuels marketing joint venture in Fujian Province to the Chinese government.
PIN//MENAFN
News ID 30599
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