Exxon Mobil looks to expand Asian chemicals
Company sees long-term demand growth in China, India
Tom Stundza -- Purchasing, 9/23/2009 1:23:03 PM
Exxon Mobil is increasing its investment in Asian chemicals plants because of an expected sustained surge in future Chinese and Indian demand.
T.J. Wojnar, the senior vice president who oversees Exxon Mobil's worldwide chemicals business, tells Bloomberg in an interview that China's appetite for chemicals and resins already is climbing 10% annually and will continue to expand for at least the next 15 years. India probably will be the major driver of global demand a decade from now, he adds.
So, Irving, Texas-based Exxon Mobil is evaluating whether to form a joint venture with Qatar to process the Persian Gulf nation's natural gas into chemicals for export to the firm's new plant in Fujian, China, that began production this year and its Singapore complex that will be expanded in 2011.
"We continue to think about opportunities in China," Wojnar tells Bloomberg. "More than half of the world's petrochemical growth is going to be in China, so there's definitely room for more facilities to be built out there."
Use of chemicals in China is being driven by expanding personal incomes and the desire to use lighter, cheaper materials for food containers, auto parts and building materials.
Exxon expands in China
02/09/2010Exxon Mobil is buying XTO Energy
02/09/201010 Tips for Business Travel in China
11/03/2008Capacity continues to shift overseas
07/13/2005China's supply chain value
02/09/2010
Now Playing: 
