Reuters

ExxonMobil announces FID for mega China petchem project

U.S. oil and gas major ExxonMobil announced it had made a final investment decision to build a multi-billion dollar petrochemical complex in south China’s Guangdong province. The decision, announced late on Monday, came nearly 18 months after China’s state news agency Xinhua reported in April last year that the U.S. firm kicked off construction of the $10 billion venture in Dayawan in Huizhou city. 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.