Positive Middle East talks

   Date:2007/05/25     Source:

CHINA Petroleum & Chemical Corp, or Sinopec, is in talks with several companies from the Middle East on joint-venture petrochemical projects in China, a company official said.

Qin Weizhong, deputy director of the development and planning department at Sinopec, however, wouldn't identify the potential partners and possible locations. Sinopec in February signed deal with Saudi Aramco and United States-based ExxonMobil Corp in a US$5 billion petrochemical project in Fujian Province in southern China. Meanwhile, Adil Al-Tubayyeb, vice president for joint-venture development of Saudi Aramco's refining and marketing division, said it will reach agreement with Sinopec on a refinery project in Qingdao, Shandong Province "soon." Media reports have said Sinopec may sell a 25 percent stake in the Qingdao refinery to Saudi Aramco.

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