Middle East Economic Survey

VOL. L

No 36

10-September-2007

SAUDI ARABIA

Fujian Secures $4bn From Local Banks For China Refining/Petchem Project

Fujian Refining and Petrochemical Company Limited (FREP), the joint venture formed by Chinas Sinopec, Saudi Aramco and ExxonMobil in March 2007, announced on 6 September that it had received a loan of CNY30bn ($4bn) from 11 local banks and Sinopec Finance Company. The loan will be used to construct an integrated refining and petrochemicals project. It is...