Corporate Overview

 

Fujian Refining & Petrochemical Company Limited is a large petrochemical enterprise jointly invested by Fujian Petrochemical Company Limited, ExxonMobil China Petroleum & Petrochemical Company Limited and Saudi Aramco Sino Company Limited with an equity ratio of 50%:25%:25%. Its total investment is 4.936 billion USD. The Company covers an area of 478.7 hectares. It is located in Quangang District of Quanzhou City, Fujian Province. It is on the south bank of Meizhou Bay of southeast coastal area of China, benefiting from superior geographic location and convenient transportation.The Company was officially formed in March 2007 and commenced its operation in June 2007. Currently, it operates a refinery with capacity of 4 million tons per year. The Company mainly processes imported crude oil to produce petrochemical products of 22 varieties and 58 brands of six categories, such as lead free motor gasoline, light diesel oil and 3# jet fuel, etc. The Marketing Joint Venture invested by Sinopec, ExxonMobil China Petroleum & Petrochemical Company Limited and Saudi Aramco Sino Company Limited in Fujian Province will distribute the petroleum products to realize the integration of manufacturing and marketing.

The Company is now investing in and constructing Fujian Refining and Ethylene Project. This project will expand its refining capacity from 4 million tons per year to 12 million tons per year. The refining capacity of sour crude oil will be increased significantly to mainly process Saudi Arabian sour crude oil to produce high quality petroleum products. Also，a new ethylene steam cracker of 800,000 tons per year, a polyethylene unit of 800,000 tons per year, a polypropylene unit of 400,000 tons per year and an aromatics complex of 700,000 tons per year will be built. Meanwhile, it will also build a POX/COGEN (IGCC) Unit to generate hydrogen, steam and power. The project also includes the utilities associated with above mentioned process units both inside the plant and offsite as well as 300,000 DWT Crude Oil Terminal and 600,000 cubic meters intermediate oil depot. It is planned that the project will be accomplished and put into operation by the first half of 2009. At that time, the Company will produce annually high quality product of 7.46 million tons petroleum products (gasoline and diesel oil complying with Euro III emission standard), 1.28 million tons polyolefin, and 700,000 tons paraxylene with annual revenue exceeding 55 billion Yuan. Its refining and ethylene competitiveness is in the leading position in Asia Pacific area.

 

Background of each Joint Venture partner:

 

Fujian Petrochemical Company Limited is a refining enterprise owned by China Petroleum and Petrochemical Corp. (Sinopec) and Fujian Petrochemical Industrial Company in a share of 50%:50%. It was established entirely and put into operation in September 1993. It has been awarded the title of “National May the first Labor Diploma”, “National Advance Unit in Creating Spiritual Civilization”, “National Advance Unit in Equipment Management”, “National Demonstration Enterprise of CIMS Application for High & New Technology Research and Development Plan”, “Sinopec Advance Unit of Safety and Environmental Protection”, “Fujian Provincial Civilization Unit”, “Fujian Provincial Enterprise of Faith” and “Fujian Provincial Excellent Enterprise of Ideology and Politics”, etc. In June 2007, an asset of 4 million ton main refinery business was injected to Fujian Refining & Petrochemical Company Limited.

China Petroleum and Petrochemical Corporation (Sinopec) is a public holding company by China Petrochemical Corporation. And China Petrochemical Corporation is the largest integrated petroleum and petrochemical company in China. Its business includes: exploring, developing, manufacturing and marketing of crude oil and natural gas, refining of crude oil, trade, transportation and marketing of petroleum products, manufacturing and marketing of petrochemical products, etc.Fujian Petrochemical Industrial Company is an affiliate wholly owned by Fujian Petrochemical Group Company Limited, and Fujian Petrochemical Group Company Limited is an investment institute and a state-owned assets operation company authorized by Fujian Provincial Government, mainly engaged in investment and trade of refining and petrochemical industry, manufacturing, operation, scientific research and design of chemicals and fertilizer, development of real estate, etc.

ExxonMobil China Petroleum & Petrochemical Company Limited is an affiliate wholly owned by ExxonMobil Corporation and was registered in Bahamas in 1997. ExxonMobil Corporation is one of the largest international petrochemical group companies in the world, ranked in the forefront of world top 500 enterprises. ExxonMobil has established and maintained good cooperation relationship with Sinopec, and it is the strategic partner of Sinopec being listed as an overseas public company.

Saudi Aramco Sino Company Limited is an affiliate wholly owned by Saudi Aramco Company registered in according to Saudi Arabian law. Saudi Aramco Company is the largest petroleum production and export company in the world, engaged in operating, maintaining and managing the petroleum and natural gas resources in Saudi Arabia.