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March 10 (plastemart) -- China's
number one oil refiner Sinopec is mulling a partnership with ExxonMobil and
Saudi Aramco to expand it's existing integrated oil refinery and petrochemical
complex in Fujian with a refinery to process 12 mln tons of crude and 1 mln tpa
ethylene plant. Rapidly growing demand for refined oil
products in Fujian province is fueling the project. Currently, a feasibility
study is underway.
Robust economic recovery is expected to prop demand in China. China's
petrochemical industry may see 13-15% year-on-year revenue growth in 2010, with
total investment in the petrochemical industry expected to grow by 15%,
according to the China Petroleum & Chemical Industry Association (CPCIA).
China's petrochemical industry includes oil and gas extraction, oil refining,
chemical production and equipment manufacturing. The sector posted turnover of
6.63 trillion yuan in 2009, up 0.3% from a year ago.
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