Guangdong Energy Group set to commence operations at new $1bn LNG terminal [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
US energy giant ExxonMobil will utilise the facility under a 20-year agreement. This strategic move will bolster the energy infrastructure in south China and enhance ExxonMobil's supply chain for its forthcoming chemical complex. The $1bn (7.01bn yuan) terminal, designed to process 4mtpa of LNG, successfully received its inaugural cargo from the United Arab Emirates during a trial phase last month. The agreement, finalised in December 2023, permits ExxonMobil to handle 1.8mtpa of LNG, an ExxonMobil China representative told the news agency. While the partnership grants ExxonMobil access to the terminal, it does not confer any equity stake to the US energy giant. This clarification comes amidst previous reports by Reuters regarding ExxonMobil's potential investments in Guangdong's LNG sector. ExxonMobil intends to channel a portion of the gas to its wholly owned chemical complex in Huizhou, which is nearing completion and is expected to become operational in 2025. The term
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News
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XOM
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- 8/2/24 - Beat
XOM
Sec Filings
- 9/25/24 - Form SD
- 8/14/24 - Form 4
- 8/5/24 - Form 10-Q
- XOM's page on the SEC website