Exxon Partners with Jinzhou Petrochemical

Exxon (Houston, TX) Chemical Eastern, Inc and Jinzhou Petrochemical Co. (Dalian City, China) have signed a contract for a joint venture that will use Jinzhou's old lubricant-additive factory.

China Daily reported that they will be equal partners in the joint venture, and added that the renovations of the old plant are expected to begin in 1998.

Exxon will lend its latest technology to the joint venture. The lubricant additives will bear Exxon's Paramins brand name and be sold mostly in china's growing domestic market.

The two partners formed the existing joint venture Jinzhou Jinex Lubricant Additives Co. Ltd in 1995.

Jinzhou Petrochemical Co. is one of China's largest makers of lubricant additives.

Exxon Chemical Co, a division of Exxon Corp, is a producer and supplier of a wide range of petrochemicals.