ExxonMobil Chemical Co. has announced plans to build a new technology center in Shanghai, aiming to provide for its business in China and the Asia-Pacific region.
ExxonMobil initially is investing $70 million in the center, which is set to open in 2010.
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 ... China and Singapore, President Steve Pryor said in a news release.
The center will include laboratories and product demonstration facilities to provide customers with technical services and to develop new applications.
Houston-based ExxonMobil Corp. also shows no signs of slowing during the financial crisis. The corporation announced last month that it plans to increase spending on capital and exploration projects by 11 percent in 2009.
The technology center will be built and operated by ExxonMobil Asia Pacific Research & Development Co. Ltd.