Exxon Mobil to build tech center in Shanghai

[March 17, 2009]  SHANGHAI (AP) -- Exxon Mobil Chemical Co., one of the world's biggest petrochemical companies, said Tuesday it plans to build a technology center in Shanghai to support its business in the region.

The project will involve an initial investment of $70 million and the center will be opened in 2010, said the company, part of Exxon Mobil Corp., the world's biggest publicly traded oil company.

"Over the next 10 years, we expect roughly 60 percent of the world's petrochemical growth to occur in Asia, and we are rapidly expanding our manufacturing footprint through major capacity additions in Fujian, China, and Singapore," Steve Pryor, president of Exxon Mobil Chemical Co., said in a statement.

Shanghai and other parts of China's southeastern seaboard, are major petrochemical production bases.

Exxon Mobil, China Petroleum & Chemical Corp. and Saudi Aramco have a joint venture refining and ethylene joint venture in Quanzhou, a city in Fujian province, south of Shanghai.

Exxon Mobil has pledged to step up spending on capital and exploration projects by 11 percent in 2009, even as many smaller rivals scale back operations.

[Associated Press]

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