(Yicai Global) Nov. 2 -- US oil giant Exxon Mobil Corp. [NYSE:XOM] will invest billions of dollars to build a world class petrochemical base at an industry park in Huizhou city, in China's southern province of Guangdong.

Exxon Mobil and the municipal government penned a deal yesterday, Huizhou Daily reported. The agreement will see the multinational pour money into China's Huizhou Dayawan Petrochemical Industry Park, to build a plant using leading technology, the highest safety standards and a world-class operating experience, Neil Chapman, vice president, said.

It took the pair less than half a year from initial contact to signing the deal. The industry base will be of great significant to Huizhou's local economic transformation, said Chen Yiwei, secretary of the city's municipal party committee.

Exxon Mobil is the world's largest non-governmental oil and gas supplier, and plans to use its world-leading technology to manufacture high-quality olefin derivative devices. The new plant will become the seventh of its kind in China.

Dayawan Petrochemical Industry Park has already welcomed 79 projects with investments totaling CNY167.8 billion (USD25.45 billion), and expects to be the country's leading such park in terms of production capacity.