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SINGAPORE: US energy giant ExxonMobil on Tuesday began building the world's largest petrochemical complex in Singapore, which is expected to be ready by 2011.
The petrochemical complex, which will be ExxonMobil's second plant in the city-state, would be capable of producing one million tons of ethylene and 1.3 million tons of polyethylene annually.
It is also capable of producing 450,000 tons of polypropylene and 300,000 tons of specialty elastomers, the company said.
ExxonMobil executives declined to say how much was invested in the petrochemical plant, but industry experts estimate that a project of such size could require investments of 2.0 billion US dollars.
Regional managing director Kwa Chong Seng said the new complex "will strengthen ExxonMobil's supply capabilities to serve the growing needs for petrochemical products in Asia and globally."
"The new Singapore project will employ ExxonMobil's latest proprietary technologies, and will have the capability to process a broad range of feedstocks and convert them into higher value products," he said at the groundbreaking ceremony.
ExxonMobil's new petrochemical complex will be located on Jurong Island, which houses Singapore's flourishing multi-billion dollar chemicals industry.
The US energy firm's decision to build the complex in Singapore is a further boost to the island-nation's position as a regional chemical industrial base for the world's leading players.
Output from the chemicals industry is now worth 74 billion Singapore dollars (51 billion US), Prime Minister Lee Hsien Loong said. - AFP/ac
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