ExxonMobil announces FID for mega China petchem project By Reuters

© Reuters. FILE PHOTO: The brand of Exxon Mobil is seen in Encinitas, California April 4, 2016. REUTERS/Mike Blake

SINGAPORE (Reuters) – U.S. oil and gasoline main ExxonMobil (NYSE:) introduced it had made a closing funding resolution to construct a multi-billion greenback petrochemical complicated in south China’s Guangdong province.

The agency didn’t specify a price for this funding.

The choice, introduced late on Monday, got here practically 18 months after China’s state information company Xinhua reported in April final 12 months that the U.S. agency kicked off development of the $10 billion enterprise in Dayawan in Huizhou metropolis.

One of many few petrochemical complexes in China which might be wholly owned by a overseas investor, ExxonMobil stated the Dayawan plant will produce efficiency polymers utilized in packaging, automotive, agricultural, and client merchandise for hygiene and private care.

China is the world’s largest petrochemicals client and importer.

Development is underway on the greenfield mission, which features a versatile feed steam cracker, three efficiency polyethylene strains, and two differentiated efficiency polypropylene strains, it added.

The steam cracker could have a nameplate capability of about 1.6 million tonnes per 12 months.

Individually, ExxonMobil informed Reuters in July that the agency was advancing mission discussions with potential companions for an import terminal for liquefied additionally in Huizhou.

The 2 tasks are a part of an preliminary settlement the U.S. agency signed with China in 2018.

ExxonMobil additionally owns a stake in a refinery and petrochemical complicated in neighbouring province of Fujian that’s managed by Chinese language state refiner Sinopec (NYSE:) Corp.

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