BEIJING (MarketWatch) -- A refining and petrochemical joint venture between Exxon Mobil Corp., Saudi Arabian Oil Co. and China Petroleum & Chemical Corp. (SNP), known as Sinopec, said Thursday it has raised around CNY30 billion ($4 billion) in funding.

The partners in Fujian Refining & Petrochemical Co., which will upgrade and triple the capacity of a refinery in Quanzhou city to 240,000 barrels a day, said it represented the largest-ever project financing for a Sino-foreign joint venture in China.

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Posted by rjorr at September 6, 2007 11:56 AM