The oil and gas company made the final investment decision today on the expansion of the Singapore facility to convert fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates.
“The demand for high-quality fuels and lubricants will increase as the global economy expands,” said Bryan Milton, president of ExxonMobil Fuels & Lubricants Company.
Speaking to Seatrade Maritime News, Luca Volta, marine fuels venture manager, marine fuels and lubricants for ExxonMobil, stressed the commitment that the investment showed to its marine and land transportation customers. “This is tangible commitment to the industry, backed by significant capital investment to satisfy the needs and growing demand of our customers.
“Singapore is one of the largest investments we've ever made in the downstream part of our company, it’s a multi-billion dollar investment, and clearly enables us, ExxonMobil, to provide a significant amount of technology deployment, integration and scale.”
The expansion will increase production of cleaner fuels with lower-sulphur content by 48,000 barrels per day, including fuels for customers to meet the IMO’s 0.5% sulphur requirement
“It is also addressing a number of needs that the world will have/has... specifically part for the marine industry cleaner products that will meet the needs of IMO 0.50% sulphur regulation in the years to come,” Volta explained.
Construction will start in the second half of this year and engineering, procurement and construction activities have already begun, and start-up is expected in 2023.