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(Plastemart) -- Sinopec Group, the
Fujian provincial government and a Taiwan consortium have signed a framework
agreement to build a US$4.5 bln petrochemical complex in Fujian, as per Reuters.
The complex, to be located in Gulei of Zhangzhou city, has been initially
designed to have crude refining capacity of 16 mln tps (320,000 bpd) and
ethylene production capacity of 1.2 mln tpa. The project needs government
approval. If approved, the project would be the largest investment by Taiwan in
the oil sector in mainland China. It would also be the third major refinery in
Fujian province after a 240,000 bpd joint venture by Sinopec, Saudi Aramco and
ExxonMobil and a 240,000 bpd refinery planned by China's Sinochem Corp.
mrcplast.com
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