Exxon acquires Singapore aromatics plant
Singapore The value of the deal, which was struck in May, was not disclosed. The facility, which has a capacity of 592,000 bpd, is one of the largest in the world.
“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,” Karen McKee, a senior vice-president at ExxonMobil Chemical Company, said in a statement. “As a leading global manufacturer of aromatics, we are well positioned to serve our customers in these key markets.”
The sale will raise ExxonMobil’s local production to 3.5 million tonnes of aromatics per year, including 1.8 million tonnes of paraxylene, the press release added.
Recent Posts
Iberdrola to triple offshore wind assets to $18 billion
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Angola’s Azule Energy awards Saipem $850-million contract
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration spuds new well in Colombia
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas makes discovery off Suriname
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japan’s JERA slates $32 billion for LNG, renewables, new fuels
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron planning UK North Sea exit
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More