Sinopec to Start Up Fujian Refinery Next Spring

BEIJING--October 14, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--China Petroleum and Chemical Corporation (NYSE:SNP) (Sinopec) (Beijing) is nearing completion of a refinery and ethanol project in Fujian province and will begin running it early next spring. Sinopec said in a news release that its Fujian branch has finished about 92% of the construction. The project's investors include Sinopec (50%), Saudi Arabia's state-owned oil company Saudi Aramco (25%) and ExxonMobil Chemical China, a subsidiary of ExxonMobil Corporation (NYSE:XOM) (Irving, Texas) (25%).