SINGAPORE (Reuters), – The U.S.-based oil and gas company ExxonMobil (NYSE ) said it has made a final investment decision for a multi-billion-dollar petrochemical plant in Guangdong, south China.

The value of this investment was not specified by the firm.

It was announced on Monday late at night. This announcement came almost 18 months following a report by China’s state media Xinhua in April that the U.S. had started construction of the $10 million venture in Dayawan city in Huizhou.

ExxonMobil stated that Dayawan is one of few Chinese petrochemical plants owned entirely by foreign investors. The plant produces performance polymers for packaging, agriculture, food, personal care, and automotive applications.

China is the biggest petrochemicals importer and buyer in the world.

The greenfield project includes a flexible steam cracker and three polyethylene performance lines as well as two polypropylene performance lines.

Nameplate capacity for the steam cracker is approximately 1.6 million tonnes annually.

ExxonMobil also told Reuters that it was pursuing project negotiations with potential partners to build an import terminal for liquefied in Huizhou.

These two projects form part of an agreement that the U.S. signed in 2018 with China.

ExxonMobil owns a portion of a refinery/petrochemical complex located in Fujian (NYSE:) Corp.