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ExxonMobil to acquire one of the world’s largest aromatics plants
ExxonMobil Chemical Company’s Singapore affiliate has reached an agreement with Jurong Aromatics Corporation to acquire its plant located on Jurong Island in Singapore.
The plant, one of the largest in the world with an annual production capacity of 1.4mn tonnes, presents operational and logistical synergies for ExxonMobil’s integrated refining and petrochemical complex nearby. The company expects to complete the transaction in the second half of 2017.
Singapore is home to ExxonMobil’s largest integrated refining and petrochemical complex, which has a crude oil processing capacity of 592,000 b/d and includes two world-scale steam crackers. Acquisition of the Jurong aromatics plant will increase the company’s Singapore aromatics production to over 3.5mn t/y, of which 1.8mn tonnes is paraxylene.
‘Our growth in Singapore is driven by the expected increase in global demand for chemical products over the next decade of nearly 45%, or about 4%/y, which is a faster pace than energy demand and economic growth,’ said Neil Chapman, President of ExxonMobil Chemical Company.
He continued: ‘Nearly three-quarters of the increased demand is expected to be in the Asia-Pacific as a result of its rising prosperity and a growing middle class.’
