U.S. energy giant ExxonMobil signed a cooperation framework agreement with the Guangdong provincial government Wednesday on the proposed construction of a multibillion-U.S.-dollar chemical complex.

The new facility in Huizhou Dayawan Petrochemical Industrial Park would help meet China's increasing demand for chemical products.

The project, which remains subject to a final investment decision, would include an ethylene plant with an annual capacity of 1.2 million tonnes, two polyethylene lines and two polypropylene lines, according to the two sides. It is planned to be operational in 2023.

No exact amount of investment was revealed.

The chemical complex is expected to reduce China's reliance on imports of high-performance polyolefin products.

The framework agreement also confirmed ExxonMobil's intent of participating in the Huizhou LNG receiving terminal, including supply of LNG.

The Huizhou Dayawan Petrochemical Industrial Park has attracted a total investment of 132.8 billion yuan (19.4 billion U.S. dollars) from petrochemical companies from more than 20 countries and regions.