A PYMNTS Company

Singapore: ExxonMobil agrees to buy major refining plant

By  |  May 11, 2017

ExxonMobil has reached an agreement to acquire the assets of Jurong Aromatics  (JAC), namely its refining-petrochemical plant on Jurong Island which is one of the largest in the world.

“Integration of this aromatics plant with ExxonMobil’s existing manufacturing facility will provide product and logistical synergies that will enable our continued growth and competitiveness,” Mr Gan Seow Kee, chairman and managing director of ExxonMobil Asia Pacific Pte Ltd, said in a media release on May 11.

Acquisition of the Jurong aromatics plant, which has an annual production capacity of 1.4 million tonnes, will increase ExxonMobil’s Singapore aromatics production to over 3.5 million tonnes per year, of which 1.8 million tonnes is paraxylene.

ExxonMobil said it expects to complete the transaction in the second half of 2017 and is working to offer employment to many qualified employees from JAC.

Full Content: The Straits Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.