ExxonMobil, PDVSA To Jointly Construct a Plant

Venezuelan state-run oil company PDVSA and U.S. oil giant ExxonMobil on Thursday signed a preliminary agreement on development of petrochemical plant in eastern Venezuela.

The two companies have agreed to study developing the Jose Petrochemical Project, an ExxonMobil spokesperson said.

The proposed plant would produce one million metric tons per year of ethylene and its derivatives.

Feasibility studies on the project will begin in September.