China still has a way to go before it is as important a market for crude and refined products as the US. But neither Saudi Arabia nor ExxonMobil go around building brand-new refineries just anywhere.
1:32 pm on July 11, 2005Saudi Aramco’s Chief Executive Abdullah Jumah left no doubt about his commitment to relations with China when he told guests in Beijing Monday: “The bonds that join us are one of the most important energy relationships on the planet.”
At an industry reception in the wake of a groundbreaking ceremony for the joint venture refinery and petrochemicals expansion at Fujian, Jumah pledged his company’s long-term dedication to China, saying: “We are committed to this market and fuelling your economic growth. … We plan to stand with you for the next century to come.”
Saudi officials, led by Oil Minister Ali Naimi, attended the groundbreaking ceremony Thursday with Exxon Mobil and Sinopec to launch construction of a 240,000 barrel per day refinery and integrated petrochemicals plant worth an estimated $3.5 billion.
