ExxonMobil and Sinopec ink framework agreement. (Breaking News: Roundup).(ExxonMobil China Petroleum and Petrochemical Company Ltd., China Petroleum and Chemical Corp.)(Brief Article)

Chemical Market Reporter, October, 2002

ExxonMobil China Petroleum & Petrochemical Company Ltd., a subsidiary of ExxonMobil Corp., and China Petroleum and Chemical Corp. (Sinopec) have signed a framework agreement that the companies say will strengthen the strategic alliance between them and move forward their joint venture projects under development in Fujian and Guangdong Provinces.

In Fujian, ExxonMobil has been working with Saudi Aramco and Fujian Petrochemical Company Ltd., a joint venture between Sinopec and the Fujian provincial government, to expand a 4 million ton-per-year refinery to 12 million tons and construct a new 800,000 ton-per-year ethylene steam cracker. The deals would involve potential investments of more than $3 billion.