ExxonMobil makes technology investment in China

Published: 27 Apr 2009 01:31:33 PST

ExxonMobil Chemical Co. has announced plans to build a technology center in Shanghai, aiming to provide for its business in China and the Asia-Pacific region.

During a period when many companies are tightening their budgets, ExxonMobil is providing an initial investment of US$70 million (478.5 million yuan) into the center, which is set to open in 2010.

"Over the next 10 years, we expect roughly 60 percent of the world's petrochemical growth to occur in Asia, and we are rapidly expanding our manufacturing footprint through major capacity additions in Fujian, China and Singapore," said Steve Pryor, president of ExxonMobil Chemical.

ExxonMobil Chemical also operates a wholly owned plasticizer plant in Panyu, Guangdong province, and manufactures hydrocarbon resins in a Shanghai joint venture with Sinopec Shanghai Petrochemical Co. Its parent company, ExxonMobil Corp., in conjunction with China Petroleum and Chemical Corp. and Saudi Aramco, has a joint venture refining and ethylene operation in Quanzhou, Fujian province.