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Singapore: ExxonMobil buys giant petrochemical plant

By  |  August 28, 2017

ExxonMobil Asia Pacific has completed its acquisition of one of the world’s largest aromatics facilities on Jurong Island in Singapore.

The plant, previously owned by Jurong Aromatics Corporation, is located near ExxonMobil’s largest integrated refining and petrochemical complex in the world, with an ethylene production capacity of 1.9 million metric tons per year and capacity of 592,000 barrels per day.

ExxonMobil beat five other bidders such as Lotte Chemical and SK from Korea for the plant in a competitive bid in May.

The acquisition will boost the US company’s aromatics production in Singapore to more than 3.5 million metric tons per year, including 1.8 million metric tons per year of paraxylene, a petrochemical used in the making of plastic bottles and synthetic fiber, ExxonMobil said in a statement.

Full Content: Malaysia Today

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