Sinopec, ExxonMobil study refinery expansion. (Global Report on Asia).(Brief...

China -- Sinopec and ExxonMobil are studying a $150 million expansion of a refinery in Guangzhou, which will give the United States oil major a solid foothold on China's booming southeast coast, Reuters reported in March.

The companies are looking to raise capacity at Guangzhou Petrochemical Corp. by 25 percent to 10 million tonnes per year by 2005 from the current 7.7 million tpy (158,200 bpd).

Sinopec and ExxonMobil are expected to equally finance the upgrade, estimated to cost 1.2-1.3 billion yuan ($145-$157 million U.S.), said a Beijing-based senior indu