ExxonMobil Completes Acquisition of One of the World’s Largest Aromatics Plants
August 27 2017 - 11:00PM
Business Wire
- Company acquires Jurong Aromatics
Corporation plant in Singapore
- Plant will enable cost-competitive
growth of ExxonMobil’s strategic aromatics business
- Proximity to company’s integrated
refining and petrochemical complex will strengthen both sites with
product and logistical synergies
ExxonMobil Chemical Company announced today that its Singapore
affiliate has completed its acquisition of one of the world’s
largest aromatics facilities on Jurong Island in Singapore. The
acquisition was first announced in May 2017.
The facility, previously owned by Jurong Aromatics Corporation,
is located near ExxonMobil’s largest integrated refining and
petrochemical complex, which has an ethylene production capacity of
1.9 million tonnes per year and a crude oil processing capacity of
592,000 barrels per day.
The acquisition will strengthen both sites with operational and
logistical synergies, as well as increase ExxonMobil’s Singapore
aromatics production to over 3.5 million tonnes per year, including
1.8 million tonnes of paraxylene, and add about 65,000 barrels per
day of transportation fuels capacity.
“This strategic investment in our aromatics business in
Singapore is a reflection of our ongoing commitment to meet the
growing global demand for chemical products, particularly in Asia
Pacific,” said Karen McKee, senior vice president of basic
chemicals, intermediates and synthetics for ExxonMobil Chemical
Company. “As a leading global manufacturer of aromatics, we are
well positioned to serve our customers in these key markets.”
ExxonMobil has operated in Singapore for more than 120 years and
is one of the country’s largest international manufacturing
investors. Singapore’s integrated petrochemical complex can process
a wide range of feedstocks, from light gases to crude oil. Later
this year, the complex will begin the phased start-up of new
230,000 tonne-per-year specialty polymers facilities that will
produce halobutyl rubber and performance resins for adhesive
applications.
The company’s growth in Singapore is driven by the expected
increase in global demand for chemical products over the next
decade of nearly 45 percent, or about 4 percent per year, which is
a faster pace than energy demand and economic growth. Nearly
three-quarters of the increased demand is expected to be in Asia
Pacific as a result of its rising prosperity and a growing middle
class.
About ExxonMobil Chemical Company
ExxonMobil Chemical Company is one of the largest petrochemical
companies worldwide. The company holds leadership positions in some
of the largest-volume and highest-growth commodity petrochemical
products in the world. ExxonMobil Chemical Company has
manufacturing capacity in every major region of the world, serving
large and growing markets. More than 90 percent of the Company’s
chemical capacity is integrated with large refineries or natural
gas processing plants. To learn more, visit
www.exxonmobilchemical.com.
CAUTIONARY STATEMENT: Statements of future events or
conditions in this release are forward-looking
statements. Actual future results, including project plans and
capacities and future demand growth and market positioning could
differ materially due to changes in market conditions affecting the
oil, gas and petrochemical industries or long-term price levels for
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other factors discussed under the heading "Factors Affecting Future
Results" in the Investors section of our website
(www.exxonmobil.com) and in Item 1A of our most recent Form
10-K.
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reference to ExxonMobil may refer to Exxon Mobil Corporation, one
of its divisions or to companies affiliated to Exxon Mobil
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used merely for convenience and simplicity.
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