Here is Update 2 on $US 5B Sinopec Fuijan JV (XOM & Saudi) Refinery & Coker expansion that had delayed completion.
<See article @
@ http://malaysia.news.yahoo.com/rtrs/20090225/tbs-saudi-china-crude-21231dd.html > Here are highpoints:
-First Cargo (900MBBL) Saudi Arab Extra Light crude arrived at Fujian/Dalian Feb 16 from Ras Tanura.
– New 160MBD crude unit previoulsy planned to start July 2008 was delayed until Oct 2008 so trial postphoned till 1Q09
-Sinopec still plans double Fujian Capacity from 240MBD (80+160) to 480MBD between 2010-2015.
-Sinopec posting massive losses for several years due high crude cost & low state-set fuels prices
Regards
