The Fujian Refining and Ethylene Integration Project, with a total investment of approximately RMB40 billion, was officially put into commercial operation on November 11th. This project will expand the refining capacity of Fujian United Petrochemical from 12 million tons per year to 12 million tons.
The above projects are 50%, 25%, and 25% stocks of Fujian Refining & Chemical Co., Ltd. (50% held by Sinopec and Fujian Provincial Government respectively), ExxonMobil China Petrochemical Co., Ltd. and Saudi Aramco China Ltd. Investment and construction is the largest domestic Sino-foreign joint venture oil refining and chemical integration project.
It is understood that around this project, Sinopec, Exxon Mobil and Saudi Aramco also set up a Fujian refined oil marketing company. The three parties hold 55%, 22.5%, and 22.5% share respectively, responsible for the sales of integrated projects in Fujian Province. Refined oil. Up to now, the company has set up 600 gas stations in Fujian and has established a joint venture with Sinopec to build 500 gas stations in Guangdong.
Zhang Kang, the deputy director of the Advisory Committee of the Petroleum Exploration and Development Research Institute of Sinopec, said in an interview with reporters on November 14. Through this project, Sinopec opened downstream gas stations and used the market for upstream crude oil resources. ExxonMobil and Saudi Aramid learned A large supply of crude oil.
It is understood that when the National Development and Reform Commission approves more than 10 million tons of oil refining and chemical projects, it is necessary to see whether this project has a stable source of upstream crude oil supply. If the project does not have stable and secure upstream crude oil supply, the project is difficult to approve. Projects.
At present, Sinopec's dependence on imported crude oil is nearly 80%. National Bureau of Statistics data show that in the first three quarters of this year, China’s crude oil import dependency exceeded 50% for the first time, reaching 50.06%, a sharp increase of nearly 2% year-on-year.
Analysts pointed out that as China's domestic refining capacity continues to expand, more than half of the dependence on crude oil imports may still be just the beginning. On the one hand, the development of new domestic oilfields lags behind. On the other hand, state-owned oil companies continue to increase their overseas resource purchases, and will continue to increase China's dependence on imported crude oil.
Unlike increasing investment in China, ExxonMobil is shrinking the market in Europe and the United States. It plans to sell thousands of direct-operated gas stations in the United States and Australia and the French subsidiary ESSO in the next few years. At the same time, ExxonMobil is strengthening its fuel processing operations in Asia, such as investing billions of dollars to expand its refining and chemical facilities in Singapore.
Recently, in terms of natural gas business, Exxon Mobil signed several multi-billion-dollar long-term agreements with Sinopec and PetroChina to deliver liquefied natural gas from Papua New Guinea and Australia.
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