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April 23, 2020

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US$10b plant for ExxonMobil

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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