US$10b plant for ExxonMobil
Print Edition
MULTINATIONAL oil and gas corporation ExxonMobil yesterday broke ground on its solely funded chemical complex in Huizhou, in southern China’s Guangdong Province, a sign of China’s rebounding economy as the impact of the COVID-19 pandemic fades.
A special “cloud ceremony” was held online with video connections linking the Huizhou Dayawan Petrochemical Industrial Park, and places in Beijing and Dallas.
The complex, worth US$10 billion, will be built in two phases. The first with a 1.6 million ton-per-year ethylene cracker and down-stream production equipment is scheduled to be completed by 2023 when construction on the second phase will begin.
An annual operating income of 39 billion yuan (US$5.5 billion) and 7.3 billion yuan of taxes are forecast when the first phase reaches capacity.
ExxonMobil Chairman and CEO Darren Woods in Dallas said via video link that the project reflects China’s growing commitment to foreign direct investment and fostering innovation.
Infrastructure and public facilities at the national, regional and local levels provide critical support while new laws and regulations further improve China’s economic competitiveness, he said.
“All of this creates an environment that enables ExxonMobil to continue our strategic long-term investments,” he said.
China is a long-term strategic development platform, and the groundbreaking is a milestone in the megaproject, said ExxonMobil China chairman Fernando Vallina.
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