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.