• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 12 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 58 mins Struggle For Supremacy: Kremlin Condemns Alleged U.S. Ultimatum To Turkey Over Missile Deal
  • 6 hours Solar Cheaper than Coal
  • 10 mins CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 27 mins Another surprise 'build'
  • 1 hour Apple Bid To Buy Tesla in 2013 For $240 a Share
  • 17 mins Why is Strait of Hormuz the World's Most Important Oil Artery
  • 9 mins California's Oil Industry Collapses Despite Shale Boom
  • 9 hours Global Warming Making The Rich Richer
  • 8 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 2 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 13 hours North Dakota oil output totals 1.39 million b/d in March, up 4% on month: state
  • 7 hours Crude oil?
  • 11 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
Peak Gasoline Vehicles Is Already Here

Peak Gasoline Vehicles Is Already Here

Vehicles with internal combustion engines…

Chinese City Retracts Story On Exxon’s $7B Ethylene Plant

Petchem plant

The authorities of Zhoushan, an island city in eastern China, said they were in talks with Exxon on the construction of an ethylene plant worth US$7 billion, Reuters reported on Wednesday, citing a statement by the city authorities. Today, however, the city withdrew its statement, saying that yesterday’s information was not factually correct. Reuters has since withdrawn its earlier story.

According to the statement, the plant was supposed to have an annual capacity of 1.5 to 1.8 million tons of ethylene and will be the second ethylene plant project of Exxon in China announced in the last two months. In September, Exxon said it had struck a deal with a city in the southern Guangdong province for the construction of a 1.2-million-ton ethylene plant. That one should be ready to start operations in 2023.

China is the largest consumer of petrochemicals globally, and Exxon is not the only international oil major seeking to build a presence in this lucrative market, especially in light of projections that in the future, plastics and other oil derivatives will replace fuels as the primary driver of crude oil demand. Today, a new report surfaced that Saudi Aramco had signed an agreement to invest in a 400,000 bpd refinery and associated petrochemical plants in the same city of Zhoushan.

Exxon is on track to take an active part in China’s LNG market, which is also growing rapidly. Last month, the supermajor inked a deal with the city of Huizhou to build an LNG terminal and to supply the feedstock.

There are only a select few foreign companies moving to take advantage of China’s growing LNG market as efforts by Beijing to curb pollution saw a lot of utilities switch from coal to natural gas, including LNG.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News