A day ahead of his visit to the United States, Chinese President Jiang Zemin signed a $3 billion agreement with ExxonMobil — one of the biggest contracts for a U.S. oil company in China — on Oct. 21. Beijing has agreed that the company should have a 25 percent stake in an integrated refinery and ethylene plant to be built in Fujian province, in southeastern China. The refinery will produce 160,000 barrels of oil per day, and the ethylene plant should put out 800,000 tons of petrochemical products per year. Fujian Petrochemical Co. Ltd., a unit of Chinese state oil company Sinopec, will control a 50 percent stake, and Saudi Aramco the remaining 25 percent - but the refinery and ethylene plant will produce under Exxon's own brand name, Dow Jones Newswires reported.