CBI Member, Exxon Mobil has announced plans to build a chemical plant and LNG terminal in China’s Guangdong Province. Exxon Mobil will invest several billion dollars into the complex to tap into rising Asian demand and to ease Chinese concerns as the US-China trade war hits the country’s LNG supplies hard Exxon Mobil CEO, Darren Woods met with top provincial officials last Wednesday to sign a framework agreement with the province.
The agreement sets out how Exxon Mobil plans to build a plant to produce petrochemicals in the city of Huizhou and a LGN in a yet undisclosed location. Exxon Mobil aims to invest $20 billion in chemicals by 2025, looking to reduce reliance on oil products and boost the profitability of production facilities.
Exxon Mobil is contributing to Beijing’s efforts to fight air pollution by switching the city’s energy supply from coal to LNG. China currently has about 20 terminals with a capacity totalling roughly 65 million tons. Beijing hopes to raise that to 100 million tons by 2025.
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