Sinopec, Aramco and ExxonMobil sign JV contract

China Petroleum and Chemical Corporation (Sinopec) has signed a joint venture contract with Saudi Aramco and ExxonMobil to refine and process sour crude oil in southeastern China’s Fujian Province. The crude oil to be processed by the Quanzhou-based refinery will come from the Saudi Arabian oil giant but at what prices the oil will be provided have not been disclosed. The three oil giants will also establish a retail company, with Sinopec, Saudi Aramco and ExxonMobil taking a stake of 55%, 22.5% and 22.5% respectively. (February 28, 2007)