ExxonMobil to buy Singapore asset

Singapore

SINGAPORE, May 11, 2017 – The Singapore branch of ExxonMobil Chemical Company late on Wednesday said it had reached a deal with Jurong Aromatics Corporation on the purchase of its eponymous plant in Singapore.

Located on Jurong Island, the facility has a yearly production capacity of 1.4 million tonnes, making it one of the largest of its kind in the world.

ExxonMobil’s chemicals arm sees “operational and logistical synergies” with its nearby, 592,000-bpd refining and petrochemicals complex, an integrated facility that also features two world-scale steam crackers.

“The addition of this aromatics plant to our existing operations in Singapore will help us better serve our customers in key Asian growth markets,” Matthew Aguiar, senior vice-president of basic chemicals, intermediates and synthetics, said in comments.

The acquisition, which is expected to close in the second half of the year, will raise Exxon’s local production to 3.5 million tonnes of aromatics per year.