29 March 2011 13:30 [Source: ICIS news]
SHANGHAI (ICIS)--China’s petrochemical demand growth will probably outpace GDP expansion in the next five years, a senior official from US-based petrochemical major ExxonMobil Chemical said on Tuesday.
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“We certainly see that [demand growth] continuing over the next five-year period and naturally for a long time in the future,” Cirioli said.
Increased demand for packaged products will continue in the next five years and rising wealth and urbanisation will lead to more consumer products in which plastics and polymers are broadly used, Cirioli told ICIS.
In order to meet the growing Chinese market, ExxonMobil Chemical had built a technology centre in China’s financial hub, Shanghai, and this will be officially opened on Wednesday 30 March.
“The most important role of the centre is to bring innovative solutions to our customers," said Cirioli.
“We have a broad range of premium products that we’ve developed, but it’s not just good enough to have premium products, you have to work with customers to tailor those products and to tailor the formulations for their specific needs,” he added.
The company may continue to invest in the
FREP, a joint venture between
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