The plant, one of the largest in the world with an annual production capacity of 1.4 million tons of aromatics and 2.5 million tons of transportation fuels, presents operational and logistical synergies with ExxonMobil’s integrated refining and petrochemical complex nearby.
“We have operated in Singapore for more than 120 years and remain one of the country’s largest investors,” said Karen McKee, senior vice president of basic chemicals, intermediates and synthetics for ExxonMobil Chemical Company. “The integration of the aromatics plant with our existing manufacturing facility will help us better serve our customers in key Asian growth markets.”
“Our growth in Singapore is driven by the expected increase in global demand for chemical products over the next decade of nearly 45 percent, or about 4 percent per year, which is a faster pace than energy demand and economic growth,” said Neil Chapman, president of ExxonMobil Chemical Company. “Nearly three-quarters of the increased demand is expected to be in the Asia-Pacific as a result of its rising prosperity and growing middle class.”