ExxonMobil starts work on Shanghai technology centre

ExxonMobil Chemical broke ground Friday on a 70-million-dollar research and development centre in Shanghai that it says will refocus the global company on growth in Asia.
The company's first Asian research centre will open next year, employing about 200 staff to develop and test polymer and polyethylene-based compounds, according the company, part of US energy giant Exxon Mobil Corp.
"The centre will play a critical role in supporting the rapid growth of ExxonMobil's petrochemical business in China," company president Steve Pryor said at a ceremony.
The uses of polymer and polyethylene-based compounds range from clear, flexible films for packaging to rigid molded plastics, such as those used in child car seats.
The petrochemical industry has been hit hard by the economic downturn, which has led to a major contraction in manufacturing, but Pryor said the investment cut through the "peaks and valleys of the business cycle".