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23

Three World Petroleum Giants Teaming Up

According to the Associated Press, the project will triple the refinery's annual output

US oil and gas major Exxon Mobil Corp., Saudi Arabia?s state oil corporation Saudi Aramco and the Chinese petrochemical giant Sinopec are cooperating for a $3.5 billion refinery expansion in Quanzhou in southern China.

According to the Associated Press, the project will triple the refinery's annual output to 85 million barrels and will allow it to process.

Sinopec will own 50 percent of the venture and Exxon and the Saudi company will each hold 25 percent.