The three partners in Fujian Refining and Petrochemical Co - Exxon, Sinopec and Saudi Arabian Oil, also known as Aramco have finally reached an agreement. The agreement was reached despite China's policy of capping pump prices, which have brought losses to Chinese refiners because they cannot pass on high crude costs to consumers. Sinopec will own 50% of the joint venture, with Aramco and Exxon holding 25% each.
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Friday, September 07, 2007
Partners reach JV agreement on Fujian petrochem project
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