Facility aims to tap into growing demand for petrochemical products
SHANGHAI - To capitalize on China's increasing demand for petrochemicals, ExxonMobil Chemical Co, a unit of the global oil giant ExxonMobil Corp, opened its $90-million Shanghai Technology Center on Wednesday.
The center, which is located in the city's Zizhu Science-based Industrial Park, is part of ExxonMobil Chemical's long-term commitment to China and the region, said the company's President Steve Pryor at the opening ceremony.
Pryor said that he expects tremendous growth in the coming years. "I hope this center will support that growth by providing innovative products and solutions," he added.
According to Will Cirioli, vice-president of global technology at ExxonMobil Chemical, the "Shanghai Technology Center will help (the company) build closer ties with Asian clients on premium product applications and provide solutions that tailor the local market".
According to a company news release, the center, with an area of 27,000 square meters, is the company's largest in the Asia-Pacific region and is equipped with advanced analytical and testing laboratory facilities and commercial-scale product-processing equipment.
ExxonMobil Chemical estimated that global demand for key petrochemical products will soar rapidly in coming years because of the crucial role they play in improving living standards and in economic development.
"Today, chemicals cover more than 95 percent of manufactured goods. That's why the petrochemical business is a growth business, particularly in Asia, which already accounts for more than 50 percent of primary petrochemical demand," said Pryor.
The Shanghai Technology Center will embrace that growing demand by providing customers with quality products and value-added processing solutions, according to Pryor.
ExxonMobil entered into partnership with the Chinese refiner China Petroleum & Chemical Corporation (also known as Sinopec) and Saudi Aramco, the state-owned national oil company of Saudi Arabia, to build China's first fully integrated refining, petrochemicals and fuels-marketing venture in Fujian province.
"(The Fujian plant) is running at about its designed capacity," Paul Theys, chairman of ExxonMobil China Investment Co Ltd, told reporters during a group interview after the opening ceremony. However, he noted the company has no near-term plans to expand.
ExxonMobil has had a presence in China for more than a century. Currently, the company is involved in many aspects of the country's energy industry, including oil and gas exploration, power generation, lubricants, and petrochemicals.>
