Ceremony Marks the Full Operation of China`s First Integrated Refining and
Petrochemical Complex with Foreign Participation
* Multibillion dollar complex to help meet China`s growing energy needs
* Integration ensures competitiveness and world-class performance
* Cogeneration supplies the majority of the site`s power demands
QUANZHOU, FUJIAN PROVINCE, China--(Business Wire)--
ExxonMobil and its partners, Sinopec, Fujian Province and Saudi Aramco, today
celebrated the full operation of China`s first integrated refining and
petrochemical facility with foreign participation. This facility, the Fujian
Integrated Refining and Ethylene Joint Venture Project, will help meet the
region`s growing need for fuels and chemical products.
"Our participation in this world-class complex illustrates our commitment to the
region and to provide our customers with the products they need," said Rex W.
Tillerson, chairman and chief executive officer of Exxon Mobil Corporation
(NYSE:XOM), who attended a ceremony in Quanzhou to mark the occasion.
"This is an unprecedented partnership built on years of collaboration. The
support from our partners will help ensure the safety, reliability and
best-in-class performance of these facilities."
More than $4.5 billion was invested in the complex, which tripled the capacity
of the existing refinery to 240,000 barrels per day to produce transportation
fuels and other refined products. In addition, the project added a new
petrochemical complex that includes 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 a 700,000 tons-per-year paraxylene unit.
The complex also features a state-of-the-art 250 megawatt cogeneration facility,
which will meet the majority of the site`s power demands. Cogeneration is the
simultaneous production of electricity and useful heat or steam from waste
energy, resulting in lower operating costs and significantly reduced greenhouse
gas emissions.
Tillerson said integration between the refining, chemicals and fuels marketing
operations provides significant synergies and helps protect overall
profitability.
For example, a benefit of integrating refining and chemicals facilities is the
synergy of feedstocks: refining streams are used as feedstock in the production
of petrochemicals while byproducts from the chemicals` facilities are sent back
to the refinery for conversion to high-value products, like motor fuels.
Integration of manufacturing sites, like Fujian, allows ExxonMobil to maximize
operating flexibility and capture associated cost savings.
The complex is jointly owned by the Fujian Petrochemical Company Limited (50
percent), ExxonMobil China Petroleum and Petrochemical Company Limited (25
percent) and Saudi Aramco Sino Company Limited (25 percent).*
It also is fully integrated with the Fujian Fuels Marketing Joint Venture,
formally registered as "Sinopec SenMei (Fujian) Petroleum Company Limited,"
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 venture manages and operates approximately 750 service stations
and a network of terminals in Fujian Province.
*Fujian Petrochemical Company Limited is owned 50 percent by China Petroleum and
Chemical Corporation (Sinopec) and 50 percent by the Fujian
Government.ExxonMobil China Petroleum & Petrochemical Company Limited is a
wholly owned affiliate of Exxon Mobil Corporation and Saudi Aramco Sino Company
Limited is a wholly owned affiliate of Saudi Aramco.
Cautionary Statement:Statements regarding future events or conditions in this
release are forward-looking statements.Actual future results, including facility
throughputs, could differ materially due to changes in the market price of oil,
gas, and petroleum and petrochemical products; changes in law or government
regulation; the outcome of commercial negotiations; actions by competitors; and
other factors discussed under the heading "Factors Affecting Future Results" on
the Investors section of ExxonMobil's website.
About Exxon Mobil Corporation
ExxonMobil, the largest publicly traded international oil and gas company, uses
technology and innovation to help meet the world`s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is the largest
refiner and marketer of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit www.exxonmobil.com.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6097137&lang=en.
ExxonMobil
Kevin Allexon, 703-846-4467
or
Sarah Du, (86 10) 5965 7309
Copyright Business Wire 2009
