US major plans to expand its presence in China with a new lubes lab in Shanghai
ExxonMobil will launch the Asia Products Technology Center (APTC) in Shanghai in 2015 with a view to providing innovative lubricants solutions to its Asia Pacific customers.
Alongside research and development, the oil giant will also offer technical services, collaborative programs, training and marketing support to OEMs and equipment builders along with applications expertise.
Demand in China is set to rise by 25% in 2040 from 2010 levels, according to Exxon’s “The Outlook for Energy: A View to 2040” guide. The firm invests at least $1bn in R&D each year, according to Dr Grant Karsner, VP of ExxonMobil Research & Engineering Company.
ExxonMobil recently lost its position as the world’s largest public company to tech behemoth Microsoft as shares dipped on falling oil prices. The US major's market capitalization fell to $401.9bn on November 14th, while Microsoft’s share value rose on strong earnings to $49.81 giving it a market capitalization of $410.5bn.