ExxonMobil Signs Framework Agreement for Proposed Chemical Complex in China
SPRING, Texas--(BUSINESS WIRE)--ExxonMobil said that it has signed a cooperation framework agreement with the Guangdong Provincial People’s Government to advance discussions concerning the proposed construction of a chemical complex in the Huizhou Dayawan Petrochemical Industrial Park. The new facility would help meet expected demand growth for chemical products in China.
The multibillion-dollar project, which remains subject to a final investment decision, would include a 1.2 million-tons-per-year ethylene flexible feed steam cracker, two performance polyethylene lines
“Our agreement with the Guangdong Provincial Government demonstrates ExxonMobil’s interest in advancing this project from concept to completion,” said John Verity, president of the ExxonMobil Chemical Company. “We value the government’s support and its experience in moving such a large-scale project forward.”
The new complex would rely on advanced proprietary technologies in direct crude steam cracking and performance polymers manufacturing. It would support progress toward China’s national petrochemical development priorities, which include self-sufficiency, diversified feedstock sources, rebalancing fuels versus chemicals and advancing new competitive technology. The framework agreement also confirms Guangdong Province’s support in progressing the Huizhou LNG receiving terminal, in which ExxonMobil intends to participate, including
The company is also evaluating other chemicals manufacturing projects in Asia to help meet expected demand growth in the region. ExxonMobil expects to grow chemicals manufacturing capacity in
The company recently commenced operations at its new 1.5 million ton-per-year ethane cracker at the company’s integrated Baytown chemical and refining complex in Texas. ExxonMobil and SABIC have also created a new joint venture to advance
ExxonMobil’s downstream and chemical businesses both have a presence in China, and the company operates primarily through its Shanghai-based ExxonMobil (China) Investment Co. Ltd. affiliate. The company is also a joint venture partner with Sinopec, Fujian Province and Saudi Aramco in China’s first integrated refining and petrochemical facility to include international participation.
ExxonMobil is committed to social investment where it operates and supports programs that focus on the environment, health
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