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Article: Exxon Mobil Runs Into Trouble With China Venture.
- Article from:
- The Oil Daily
- Article date:
- January 28, 2004
- Author:
CopyrightCOPYRIGHT 2004 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SINGAPORE -- Exxon Mobil's participation in a joint venture refinery and petrochemicals project in China's Fujian Province has been delayed indefinitely by a dispute between the company and state-owned Sinopec, sources in China say.
Under the terms of a 2002 framework agreement, Exxon Mobil was to participate in expanding the 80,000 barrel per day Fujian refinery's capacity to 240,000 b/d, as well as in the construction of a new 800,000 million ton per year ethylene steam cracker.
Construction of the project should have started at the end of 2003. However, Sinopec said it is currently still working on designs. Under the plan, Fujian Petrochemical would ...