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ExxonMobil set to build new petrochem plant in China

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US oil and gas producer ExxonMobil has made a final investment decision (FID) to build a new petrochemical complex in south China's Guangdong province.
The firm did not specify a value for this investment.
One of the few petrochemical complexes in China that are wholly owned by a foreign investor, ExxonMobil said the Dayawan plant will produce performance polymers used in packaging, automotive, agricultural, and consumer products for hygiene and personal care.
China is the world's largest petrochemicals consumer and importer.
Construction is underway on the greenfield project, which includes a flexible feed steam cracker, three performance polyethylene lines, and two differentiated performance polypropylene lines.
The steam cracker will have a nameplate capacity of about 1.6 mm tonnes per year.
ExxonMobil revealed earlier in the year that the firm was advancing project discussions with potential partners for an import terminal for liquefied natural gas also in Huizhou.
The two projects are part of an initial agreement the oil and gas major signed with China in 2018.
ExxonMobil also owns a stake in a refinery and petrochemical complex in neighbouring province of Fujian that is controlled by Chinese state refiner Sinopec Corp.