ExxonMobil launches $10b project in South China city

GUANGZHOU - International energy company ExxonMobil Tuesday started a project in Huizhou city, South China's Guangdong province, to produce performance polymers used in packaging, automotive and agricultural products.

The launching ceremony was held simultaneously in the city, Beijing and Houston.

With a total investment of about $10 billion, the project will be constructed in two phases. The annual revenue is expected to reach 39 billion yuan ($6.1 billion) after the first phase is completed and put into production.

"Demand for performance polymers will continue to increase in China, and we are in a good position to meet the needs of that growing market," said Karen McKee, president of ExxonMobil Chemical Company.