Exxon Mobil Eyes Chinese Refinery

Exxon Mobil Corp. has started work with China’s third-biggest state oil company and a Saudi partner on a $3.5 billion project to expand a refinery in southern China.

The project comes amid efforts by energy companies to tap China’s market for fuel to drive its booming economy, already one of the world’s biggest oil consumers, along with the United States and Japan.

A groundbreaking ceremony was held Friday by Exxon Mobil and its partners – Sinopec of China and Aramco of Saudi Arabia – in the southern city of Quanzhou in Fujian province.
Forbes