ExxonMobil Acquires Large Aromatics Plant in Singapore

Houston, TX-based ExxonMobil Chemical Company finalized an agreement to acquire what it said was one of the world’s largest aromatics production plants in the world from Jurong Aromatics Corporation Pte Ltd, the company announced Wednesday.

The plant, located on Jurong Island in Singapore, has a capacity of 1.4 million tn per year, increasing the firm’s production of aromatics in Singapore, the location of ExxonMobil’s largest integrated refining and petrochemical complex, to more than 3.5 million tn annually.

“As a leading global manufacturer of aromatics, 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 at ExxonMobil Chemical said in a statement.

ExxonMobil’s existing Singapore refinery and petrochemical site includes two “world-scale” steam crackers and can process 592,000 barrels per day, ExxonMobil said in a press release, offering “operational and logistical synergies” to the newly-acquired plant.

“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% per year, which is a faster pace than energy demand and economic growth,” Neil Chapman, president of ExxonMobil Chemical, said in the firm’s release. “Nearly three-quarters of the increased demand is expected to be in Asia Pacific as a result of its rising prosperity and a growing middle class.”

The transaction is expected to close in late 2017.

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