Industrial Info Resources

April 06, 2007 05:01 ET

Peak Oil Specter Controlled as Growth Backs China-Exxon-Aramco Petrochem JV

JOHANNESBURG, SOUTH AFRICA--(CCNMatthews - April 06, 2007) - Written by Richard Finlayson, Senior Editor for Industrial Info Resources (Sugar Land, Texas). Two weeks before the $5 billion fully integrated refining, petrochemical and fuel marketing project between Sinopec, the Fujian province, ExxonMobil and Saudi Aramco (Riyadh, Saudi Arabia) was announced in Beijing, China, ExxonMobil Chemical Senior Vice President, Sherman J Glass, said that the chemical industry was a growing business. Demand for chemicals, he said, was growing at about 2-3% above the world GDP and that the average growth rate of about 5-6% per annum was about triple the expected growth rate for energy.

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