Once operational, the complex developed by Exxon in China will produce 1.6 million tonnes of ethylene per year. It is one of the few petrochemical projects in the country owned completely by a foreign entity.

The complex is located in Huizhou, Guangdong province.

Last year, Exxon Mobil signed a 20-year agreement to supply liquified natural gas (LNG) to China-based Zhejiang Energy.

In a statement, the Texas-headquartered company revealed that it will supply 1 million tonnes a year of the super-chilled fuel to the provincial government-backed Zhejiang Energy.

In October 2019, Exxon Mobil appointed Bank of America Merrill Lynch to execute its Malaysian oil and gas assets sale. Spokesperson Julie King told the media that Exxon is exploring potential opportunities for its Malaysian oil and gas assets sale, in addition to other properties globally. According to the reports, Exxon plans to sell $15 billion worth of assets by 2021.

Exxon has operated in Malaysia for more than 125 years. Media reports said that the company will continue to operate other businesses in Malaysia after a sale takes place. It operates two support centres in Kuala Lumpur for upstream, fuels, lubricants, and chemical manufacturing.

Earlier this month, the oil giant also revealed that production at the Payara project, its third development in Guyana, could be postponed due to delays in government approvals as the company scales back spending elsewhere due to the crude price crash.

In recent months, Exxon has increased its efforts in assets sales worldwide. Exxon assets have been offered or sold to oil-producing companies in Norway, Australia, Nigeria, Azerbaijan, and Britain.

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The total budget for the expansion has not been fixed yet. But Dharmawan Samsu, upstream director at Pertamina stated that the budget would include funds required for expansion in Algeria and Iraq’s oil blocks and also to develop the African fields that were acquired through a stake in France’s Murel et Prom.

Rini Soemarno, minister for state owned enterprise in Indonesia, stated that Pertamina will have to acquire new blocks in Africa while improving the existing operations elsewhere.

The 2020 budget proposal for Indonesia’s Pertamina will include 1 trillion rupiah or $70.37 million allocated for buying stakes in offshore oil companies and strengthening the current balance.

Dharmawan Samsu added, “It is the government’s plan and it is positive for us.” He said that the plans regarding the expansion will be discussed with the government.

Pertamina’s target oil output for the year 2019 is 414,000 barrels per day. Out of this total, 112,000 barrels per day is expected to be produced through its overseas operations.

The company had previously decided to export its excess supply of jet fuel due to high stocks.

Pahala Mansury, the finance director at Pertamina had earlier stated that its jet fuel stocks are not too big in terms of volume and that it needs to be either exported or processed into other products. The number of fuel output stocks increased after the completion of Pertamina’s Blue Sky project in Cilacap.

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