ExxonMobil to invest in chemical complex, LNG terminal in China

US energy giant ExxonMobil said on Wednesday it has signed a preliminary deal to build a petrochemical complex and invest in a liquefied natural gas (LNG) import terminal in China. 

The agreement worth billions of dollars with the southern Guangdong provincial government, includes an ethylene plant, two polyethylene production lines and two polypropylene lines in the coastal city of Huizhou, the company said in its statement.

Exxon also said it agreed to participate in a project to build an LNG terminal in Huizhou and to supply the chilled fuel for the facility, without giving further information.

Additionally, the company is evaluating other chemicals manufacturing projects in Asia to help meet expected demand growth in the region.

ExxonMobil expects to grow chemicals manufacturing capacity in Asia Pacific and North America by about 40 percent, it said.