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ExxonMobil signs 20-year LNG deal with Zhejiang Energy

April 25/2019

MOSCOW (MRC) -- Exxon Mobil Corp. (XOM) said Monday it has signed a sales and purchase agreement with Zhejiang Provincial Energy Group for liquefied natural gas or LNG supply, noting that the agreement demonstrates it's commitment to help meet China's natural gas demand, Rthnews.

Under the agreement, Zhejiang Energy is expected to receive 1 million metric tons per annum of LNG over a period of 20 years. Zhejiang Energy will build a Wenzhou LNG receiving terminal.

"ExxonMobil shares Zhejiang Energy's vision in developing a major LNG gateway in the Ningbo-Zhoushan region. We look forward to continuing our support for Zhejiang Energy during the construction, commissioning and operation of its Wenzhou LNG receiving terminal," said Peter Clarke, senior vice president of LNG at ExxonMobil.

As MRC wrote earlier, in October 2017, ExxonMobil Chemical Company commenced production on the first of two new 650,000 tons-per-year high-performance polyethylene (PE) lines at its plastics plant in Mont Belvieu, Texas. The full project, part of the companys multi-billion dollar expansion project in the Baytown area and ExxonMobils broader Growing the Gulf expansion initiative, will increase the plants polyethylene capacity by approximately 1.3 million tons per year.

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Exxon Mobil.
Category:General News
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