Fujian Project Secures Financing

Fujian Refining & Petrochemical Co., a jv between Sinopec, Fujian Province, Saudi Aramco, and ExxonMobil, says it has secured financing for a previously announced integrated refinery and petrochemical complex at Quanzhou, China. The deal follows a competitive tender process by both Chinese and international banks (CW, March 7, p. 17). The debt facilities amount to Rmb30 billion ($4 billion) and are the largest project financing to date for a Sino-foreign joint venture in China, Sinopec says. They are arranged on a limited recourse basis, comprising both...

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