ExxonMobil-Sinopec-Aramco JV in China to Cost $5 Billion

ExxonMobil, Saudi Aramco, and Sinopec say that their previously announced petrochemical, refining, and fuel retailing joint venture in China will cost about $5 billion (CW, March 7, p. 17). Earlier estimates put the cost of the project at $3 billion-$4 billion. The companies held an inauguration ceremony in the Great Hall of the People, Beijing last month to mark the Chinese government’s approval of the jv’s contracts and the granting of business licenses. The project involves upgrading and expanding a Sinopec refinery at Quanzhou, China, and building...

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