China's First Fully Integrated Refining, Petrochemicals and Fuels Marketing Joint Ventures with Foreign Participation

    Inauguration Ceremony in Beijing Marks the Formation of the Ventures

    BEIJING, March 30 /CNW/ - Sinopec, Fujian Province, ExxonMobil and Saudi
Aramco(1) today held an inauguration ceremony at the Great Hall of the People
in Beijing to mark the formal government approval of Joint Venture Contracts
and granting of business licenses for their two joint ventures in Fujian
Province - Fujian Refining & Petrochemical Company Limited and Sinopec SenMei
(Fujian) Petroleum Company Limited.

    The two joint ventures, with a total investment of about US$5 billion,
are the first fully integrated refining, petrochemicals and fuels marketing
project with foreign participation in China.

    The Fujian Refining and Ethylene Joint Venture Project, located in
Quanzhou, Fujian Province, will expand the existing refinery from 80,000
barrels-per-day (4 million tons-per-year) to 240,000 barrels-per-day (12
million tons-per-year). The upgraded refinery will primarily refine and
process sour Arabian crude. In addition, the project will construct an 800,000
tons-per-year ethylene steam cracker, an 800,000 tons-per-year polyethylene
unit, a 400,000 tons-per-year polypropylene unit and an aromatics complex to
produce 700,000 tons-per-year of paraxylene. Support facilities including a
300,000 ton crude berth and power cogeneration will also be built. The joint
venture company, formally registered as "Fujian Refining & Petrochemical
Company Limited," will be owned by Fujian Petrochemical Company Limited (FPCL)
(50 percent), ExxonMobil China Petroleum and Petrochemical Company Limited (25
percent) and Saudi Aramco Sino Company Limited (25 percent). The project is
expected to start up in early 2009.

    The Fujian Fuels Marketing Joint Venture, formally registered as "Sinopec
SenMei (Fujian) Petroleum Company Limited," will manage and operate
approximately 750 service stations and a network of terminals in Fujian
Province. It will be owned by Sinopec (55 percent), ExxonMobil China Petroleum
and Petrochemical Company Limited (22.5 percent) and Saudi Aramco Sino Company
Limited (22.5 percent).

    The ceremony was attended by Mr. Chen Jinhua, former Vice Chairman, the
Chinese People's Political Consultative Conference; His Excellency Ali
Al-Naimi, Minister of Petroleum & Mineral Resources, Saudi Arabia; Mr. Huang
Xiaojing, Governor, Fujian Province; Mr. Chen Tonghai, President, China
Petrochemical Corporation (Sinopec Group) and Chairman, China Petroleum &
Chemical Corporation (Sinopec Corp.); Mr. Abdallah S. Jum'ah, President & CEO,
Saudi Aramco; and Mr. Steve Simon, Director and Senior Vice President, Exxon
Mobil Corporation (NYSE:  XOM). Other dignitaries from Chinese ministries, Saudi
Aramco, ExxonMobil, Sinopec and Fujian Province were also present.

    Together, the Fujian Refining and Ethylene Joint Venture Project and the
Fujian Fuels Marketing Joint Venture will serve to meet China's rapidly
growing demand for petroleum products and petrochemicals. Synergies from these
two world-scale, integrated businesses, closely coupled with the strengths of
the four partners and a long-term crude supply agreement with Saudi Aramco,
significantly enhance the competitiveness of this project, and help ensure its
world-class performance. It will also boost the development of China's
petrochemical industry and contribute to the economic development of Fujian

    (1) Fujian Petrochemical Company Limited (FPCL) is owned 50% by China
Petroleum and Chemical Corporation (Sinopec) and 50% by the Fujian Government.
ExxonMobil China Petroleum and Petrochemical Company Limited (ExxonMobil) is a
wholly owned affiliate of Exxon Mobil Corporation and Saudi Aramco Sino
Company Limited (Saudi Aramco) is a wholly owned affiliate of Saudi Aramco.


For further information:

For further information: Chinese Party: (Beijing) Mr. Sang Jinghua,
(8610) 6499-0092 or (Fujian) Mr. Lin Li, (86591) 8752-5766 or ExxonMobil:
(Beijing) Ms. Sarah Du, (8610) 6505-3880 Ext. 7109 or ExxonMobil: (Fairfax,
VA) Ms. Prem Nair, (703) 846-4467 or Saudi Aramco: (Dhahran, SA) Mr. Jamal
Thabet Kheiry, (966 3) 874-5350

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