The American oil company Exxon Mobil said on March 20th that the company began to carry out detailed engineering design work for the potential project of expanding 450,000 tons/year of PP in the US Gulf of Mexico.
In the company's North American and Asia Pacific chemicals production capacity to expand by 40%, if ExxonMobil continues to promote the project, the investment is expected to be hundreds of millions of dollars.
It is expected that the company will make a final investment decision this year. The device will be put into production as early as 2021.
The company said that due to the increase in demand for light plastics and the expected supply of low-cost raw materials in the United States, the company may decide to expand PP production capacity. The device will mainly serve Asia and other emerging markets.
ExxonMobil president John Verity said: 'Ample supply of domestic oil and natural gas has reduced energy costs and created new sources of raw materials for the US chemical industry. Most of the company's investment plans in the Gulf of Mexico are dedicated to supplying to emerging markets such as Asia. High demand products, which will ultimately stimulate local new economic growth.