ExxonMobil Chem to invest $70m in Shanghai technology centre

17 March 2009 01:51  [Source: ICIS news]

SHANGHAI(ICIS news)-- ExxonMobil Chemical Company will initially invest $70m (€53.9m) to build a technology centre in Shanghai, China to provide product applications to support its growing business in Asia, the company said on Tuesday.

The technology centre in Shanghai is expected to be operational in 2010.  

"The decision to build a technology centre in Shanghai reinforces our long-term commitment to China and the region. The new investment will support our growing sales of premium products by providing innovative solutions to customer needs,” said Steve Pryor, president of ExxonMobil Chemical.

The centre will be built in the Shanghai Zizhu Science-Based Industrial Park and will be run by ExxonMobil Asia Pacific Research & Development Co Ltd.

ExxonMobil Chem is bullish about Asia, where about 60% of the global petrochemical growth is expected to occur over the next 10 years, said Pryor.

“We are rapidly expanding our manufacturing footprint through major capacity additions in Fujian, China and Singapore," he added.

“Asia, particularly China, provides unique growth opportunities for ExxonMobil,” said Robert Davis, ExxonMobil Chem vice president for global technology.

ExxonMobil Chemical is an industry leader in the development and application of premium products that add value through enhanced product performance, energy efficiency, pollution prevention and greenhouse gas emission reduction.

($1 = €0.77)

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By: Judith Wang
+65 6780 4359

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