Sinopec's expanded 240,000 b/d Fujian refinery, a joint venture with Saudi Aramco and Exxon Mobil, started pumping crude into its new facility in late April, an industry source said Thursday. The refinery, part of a $5 billion venture that includes a petrochemical complex, was expected to reach normal operating rates as early as July, the source told Reuters. The start-up, delayed from the last quarter of 2008, comes as Chinese state refiners are enjoying improved refining margins under a new fuel pricing system and fuel stocks are dropping.
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