Sino-US tie up for $3b

Sino-US tie up for $3b

BEIJING (AFP): The China Petrochemical Corporation and US-
based Exxon are discussing plans to invest US$3 billion to set up
a refinery in east China's Fujian province, the official Xinhua
news agency said Friday, quoting a corporation official.

The Chinese firm is also conducting feasibility studies with
Dow Chemicals for a large ethylene project in Tianjin valued at
$2.5 billion, Xinhua quoted corporation general manager Sheng
Huaren as saying.

The corporation and Phillips are negotiating two petrochemical
projects in Shanghai and Lanzhou, with related investments
expected to exceed $2 billion, it said.

Xinhua said in the dispatch, part of a series connected with
President Jiang Zemin's upcoming visit to the United States, that
the corporation has also cooperated with other U.S. companies,
including Du Pont, Lubrizol and Hercules.