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 (JAC), is located near ExxonMobil's largest integrated refining and petrochemical complex in the world, with an ethylene production capacity of 1.9 million tonnes per year and capacity of 592,000 barrels per day.
ExxonMobil beat five other bidders, such as Lotte Chemical Corp and SK from Korea, for the plant in a competitive bid in May.
The acquisition will strengthen both sites with operational and logistical synergies, as well as increase ExxonMobil's Singapore aromatics production to over 3.5 million tonnes per year, including 1.8 million tonnes of paraxylene, and add about 65,000 barrels per day of transportation fuels capacity, ExxonMobil said in a statement yesterday.
"Integration of the aromatics plant with our existing manufacturing facility will help us to better serve our customers in key Asian growth markets, as well as further establish Singapore as a hub for global trade," said Mr Gan Seow Kee, chairman and managing director of ExxonMobil Asia Pacific.
"We have rehired a majority of the qualified employees from JAC. Their knowledge and expertise will help to ensure its continued safe and reliable operations."