Exxon, Aramco sign $3.5 bln refinery deal

[maddezmom]

FUZHOU, China (Reuters) - Exxon Mobil Corp., Saudi Aramco and top Asian refiner Sinopec signed a $3.5 billion deal on Friday to expand a refinery in south China, sealing what they called the country's largest oil project.

The deal gives Exxon, the world's top oil firm, and Middle Eastern giant Aramco a foothold in China's insular 6.2 million barrel-a-day (bpd) refining sector, now dominated by state giants Sinopec and PetroChina

China, the world's number two oil consumer, is trying to raise its refining capacity to feed a racing economy that grew 9.4 percent in the first quarter after expanding 9.5 percent in 2004.

Beijing also has to address surging imports, now exceeding 40 percent of its crude oil demand, prompting it to tie up with producing nations such as Saudi Arabia.

more:http://news.yahoo.com/news?tmpl=story&u=/nm/20050708/bs_nm/energy_china_exxon_dc_3

[Oggy]

1. So does that mean

The Chinese can buy UNOCAL now?

[Tandalayo_Scheisskopf]

2. What it means is...

That while the seven sisters are NOT investing in infrastructure in the west, like here in the US, they are in China.

Keeps the prices high, not investing here.

[schultzee]

3. Corporate communism is raping the USA economy and the middle

class. When will the stupid self destructive middle class repigs awaken?