The partners of Fujian Integrated Refining and Ethylene Joint Venture Project held a groundbreaking ceremony in Quanzhou, Fujian Province. The event marks an important step forward in the development of this world-class integrated refining and petrochemicals project. It also marks the start of construction.

Mr. Jia Qinglin, Member of the Standing Committee of the Political Bureau of the Communist Party of China and Chairman of the Chinese People''s Political Consultative Conference, Mr. He Guoqiang, Member of the Political Bureau of CPC, Member of the Secretariat of the Central Committee of CPC, and Head of the Organization Department of the CPC Central Committee, Mr. Chen Jinhua, former Vice Chairman of the Chinese People''s Political Consultative Conference extended their warm congratulations in respective letters.

Mr. Sheng Huaren, Vice Chairman and Secretary-General, Standing Committee of the National People''s Congress, Mr. Lu Zhangong, Party Secretary, Fujian Province, Mr. Huang Xiaojing, Governor, Fujian Province, Mr. Chen Mingyi, Chairman, Fujian Provincial People''s Political Consultative Conference, Mr. Chen Tonghai, President, China Petrochemical Corporation (Sinopec Group) and Chairman, China Petroleum & Chemical Corporation (Sinopec Corp.), Mr. Wang Jiming, Vice Chairman, Sinopec Corp, Mr. Wang Tianpu, President, Sinopec Corp, Mr. Ali Al-Naimi, Minister of Petroleum & Mineral Resources, Saudi Arabia, Mr. Lee R. Raymond, Chairman & CEO, Exxon Mobil Corporation and Abdallah S. Jum''ah, President & CEO, Saudi Aramco attended the ceremony.
Other dignitaries from relevant Chinese ministries, Saudi Arabian government, Saudi Aramco, ExxonMobil, Sinopec, Fujian Province and Quanzhou were also present.

Mr. Jia Qinglin said in his letter that Fujian Integrated Refining and Ethylene Joint Venture Project is the largest world-class Sino-foreign refining and petrochemicals project ever attempted in China. He hopes that it will be a sound competitive joint venture project utilizing the strengths of each partner. It will make a positive contribution to the advancement of China''s petrochemical industry, the well-being of the Chinese society and the economic development on the Economic Zone on the west coast of the Strait.

Fujian Integrated Refining and Ethylene Joint Venture Project will expand the existing refinery at Fujian Petrochemical Co Ltd (FPCL) from 4 million tons-per-year to 12 million tons-per-year. The upgraded refinery will be designed to refine and process sour Arabian crude. In addition, the project will build new petrochemical facilities, including an 800,000 tons-per-year ethylene steam cracker, a 650,000 tons-per-year polyethylene unit, a 400,000 tons-per-year polypropylene unit and a 1 million tons-per-year aromatics unit. A 300,000 tons crude berth and associated utilities will also be built.

This joint venture project will be formed by FPCL (50%), ExxonMobil China Petroleum and Petrochemical Co Ltd (25%) and Aramco Overseas Company B.V. (25%). Before the groundbreaking ceremony, partners initialed the Joint Venture Contract, Articles of Association and 2 other documents in Fuzhou, Fujian Province for submission to the Ministry of Commerce for preview soon.
Fujian Integrated Refining and Ethylene Joint Venture Project brings together a unique mix of the internationally advanced technologies and managerial expertise, reliable crude supply and proximity to China''s southeastern coast market. The project will lead to a world-class integrated refining and petrochemicals base in Quangang District, Quanzhou, Fujian Province. It will also boost the development of China''s petrochemical industry while contributing to the prosperity on the west coast of the Strait and the sustained rapid and healthy development of the Chinese economy.

Beijing based China Petroleum & Chemical Corporation (Sinopec Corp) is a publicly listed company with integrated upstream and downstream operations, prominent core businesses and a complete marketing network.

The Company was set up on February 28, 2000 by Sinopec Group as the sole sponsor, pursuant to the Company Law of the People''s Republic of China and in line with the principle of "separation of core business from non-core business, performing assets from non-performing assets, and enterprise functions from the social", through the restructuring of its business portfolio, assets, debts and creditor''s rights, organization and personnel.