ExxonMobil is positioning to grab a bigger slice of the growing demand of petro- chemical products in Asia thanks to the framework agreement signed today in China.
The energy multinational has inked a 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.
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.
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 Asia Pacific and North America by about 40 percent. That growth will be achieved in part by adding 13 new facilities, including two world-class steam crackers in the United States that are part of the company’s Growing the Gulf initiative. These investments would enable the company to meet increasing demand in Asia and other growing markets.
Approximately 20 percent of ExxonMobil’s global refining capacity is currently located in Asia Pacific, with facilities in Singapore, Thailand, Australia, and China.
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 development of the Gulf Coast Growth Ventures project, a 1.8 million tonne ethane cracker currently planned for construction in San Patricio County, Texas. The facility will also include a monoethylene glycol unit and two polyethylene units.
Image over the headline.- Two ExxonMobil employees at a petrochemical plant of the company in Asia. © ExxonMobil.
