Exxon Mobil aspires to expand presence in China
Fernando Vallina, Chairman of Exxon Mobil (China) Investment Co, speaks at a Fujian promotional conference attended by multiple multinational companies on July 5. [Photo by Hu Meidong/chinadaily.com.cn]
Fernando Vallina, chairman of Exxon Mobil (China) Investment Co, is looking to expand the company's presence in China.
The Chinese government has been improving the country's business climate and introducing high quality foreign investment in recent years, Villina said, noting that Exxon Mobil is inspired by such efforts and will continue to explore the Chinese market and contribute to the country’s sustainable development.
Vallina made the remarks while attending a Fujian promotional conference attended by multiple multinational companies in Beijing.
Exxon Mobil is a leading US-based oil and petrochemical company.
In 1892, Exxon Mobil entered the Chinese market by selling kerosene. The past 40-plus years have seen its business expand to all sectors of the energy industry in China, including petroleum, natural gas and chemicals.
In 2007, Exxon Mobil partnered with Sinopec and Saudi Arabian Oil Co and established a joint venture- Fujian Unified Petrochemical Co. With a registered capital of 14.5 billion yuan, the company has a total investment of 43.5 billion yuan. Exxon Mobil accounts for 25 percent of its total share capital.
Vallina said that in the process of running a joint venture in Fujian, Exxon Mobil has established a strong communication mechanism with its partners, and has made contributions to local social and economic development in Fujian.
He affirmed the support the company has received from the Fujian government, saying that it has bolstered the company's confidence in future cooperation.
With China's further opening up in various sectors, Exxon Mobil is tapping into opportunities to invest in large-scale chemical projects. In early September of 2018, the company signed a strategic cooperative agreement with Guangdong province. The two will construct a large-scale chemical plant in Huizhou, Guangdong.