Exxon agrees biggest China deal

Demand is growing for petrol in China.

Exxon Mobil has announced its biggest single investment in China, a joint venture to run 750 petrol stations and a petrochemical refinery.

It will take a 22.5% stake in the service station scheme, alongside China's top refiner Sinopec, with 55%, and Saudi Aramco, with 22.5%.

The three firms are also working together on the refinery project due to begin in 2009 in Fujian province.

The foreign investment is worth about $5bn (£2.6bn), the firms said.

This compares to the £3.6bn Exxon and Saudi Aramco had set out in 2005. Read more