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China, Exxon Discuss $10b Petrochem Investment

China, Exxon Discuss $10b Petrochem InvestmentChina, Exxon Discuss $10b Petrochem Investment

Chinese officials and executives of ExxonMobil Corp discussed a $10 billion investment by the US-based firm in the southern province of Guangdong, Reuters quoted Chinese state television's Friday report. The state TV report, during its summary of a meeting between Chinese Premier Li Keqiang and ExxonMobil Chief Executive Darren Woods, quoted Li as welcoming Exxon’s large investment in China. The report said China and Exxon discussed the $10 billion investment, but did not attribute the information to any direct source. Exxon said on Thursday it signed a preliminary deal to build a petrochemical complex and invest in a liquefied natural gas terminal in China. It said the investment would be worth billions of dollars but did not give a specific figure. The investment comes as US President Donald Trump may press ahead with tariffs on another $200 billion of Chinese goods, while China has vowed to levy retaliatory levies, including on American LNG exports.

 

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