August 28, 2017 / 3:23 AM / a year ago

ExxonMobil says completes Singapore refining-petchem plant acquisition

SINGAPORE (Reuters) - ExxonMobil (XOM.N) said on Monday it has completed the acquisition of Jurong Aromatics, a refining and petrochemical plant in Singapore, that will meet fast-growing demand in Asia.

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

The acquisition of Jurong Aromatics will also add about 65,000 barrels per day of transportation fuels capacity to ExxonMobil’s Singapore production, the company said.

Reporting by Florence Tan

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