China Tells Exxon Boss: Bring on the 'Wholly Foreign-Owned Petrochemical Projects'

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: Huawei’s 2022 Profit Plunges 69% Amid Sanctions and Heavy R&D Outlays

LATEST: Huawei’s 2022 Profit Plunges 69% Amid Sanctions and Heavy R&D Outlays; Exclusive: Meituan Co-Founder’s AI Startup to Buy OneFlow Technology; Huawei Develops Chip Design Tool to Counter U.S. Curbs on Tech Exports; Tencent President Liu Zhiping to Step Down From Board in May; China’s Box Office Snaps Five-Week Decline on Big Domestic Openings; In Depth: The Role of China’s Newly Created National Data Bureau; China’s Scandal-Plagued Semiconductor ‘Big Fund’ Gets New Chief; TikTok Steps Up European User Data Protections Amid Threats of Bans; Business Leaders Push Tech Agenda at China’s ‘Two Sessions’; China to Build 600,000 5G Base Stations in 2023; Xiaomi Goes Toe-to-Toe With Huawei in License, Patent Disputes; China Issues New Rules to Stamp Out Deceptive App Features; Chinese Regulators Question Auto Supplier Over Next-Generation Battery Claims; IQiyi Waters Down Plan to Cash In on Popular Feature After User Uproar; Guangzhou Commits $29 Billion to Local Tech Funds; Game Developer NetEase Teases Chatbot-Generated Dialogue for Mobile Release; China’s No. 2 Chipmaker Posts Record Quarterly Revenue, but Sees Slowing Growth; SMIC Warns of Difficult 2023 After Fourth Quarter Slowdown; Shanghai Bourse Probes AI Firms’ Stock Surge on Chatbot Fervor; NFTs, Metaverse Get Digital Cold Shoulder in Beijing

By Zhao Runhua / Apr 04, 2019 05:48 PM / Business & Tech

Photo: VCG

In a gesture of openness, China says it wants to encourage the entry of more wholly foreign-owned projects in the petrochemical industry, which has so far been dominated by state-owned enterprises.

Chinese Vice Premier Han Zheng said at a Thursday meeting with multinational energy giant Exxon Mobil’s CEO Darren Woods that the company is welcome to expand investment and set up more large “wholly foreign-owned petrochemical projects” in China, state-run Xinhua News Agency reported.

Han said opening-up is one of China’s fundamental policies, and that the country has been “actively” attracting foreign investment.

China remains a crucial market for global energy companies. As China continues to clean up its energy act, Exxon Mobil has also tied up with Chinese partners in liquefied natural gas projects, in addition to traditional petrochemical projects like gas stations.

Share this article

Open WeChat and scan the QR code