ExxonMobil Completes Singapore Expansion to Enhance Group II Base Stocks Supply

Date : 06/12/2019 @ 8:00PM
Source : Business Wire
Stock : Exxon Mobil Corp. (XOM)
Quote : 75.48  0.0 (0.00%) @ 8:12PM
Exxon Mobil share price Chart

ExxonMobil Completes Singapore Expansion to Enhance Group II Base Stocks Supply

Exxon Mobil (NYSE:XOM)
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2 Months : From May 2019 to Jul 2019

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  • Expansion strengthens global supply of high-quality base stocks to meet growing demand
  • Products enable customers to blend lubricants that help reduce emissions and improve fuel efficiency
  • Supply to customers expected by the third quarter of 2019

ExxonMobil today said that it has completed an expansion at its Singapore refinery to upgrade its production of EHC™ Group II base stocks, strengthening the global supply of high-quality base stocks and enhancing the integrated facility’s competitiveness.

The expansion will enable customers to blend lubricants that satisfy more stringent specifications, help lower emissions and improve fuel economy and low-temperature performance. Customers will achieve short-term and long-term cost savings through blending optimization and reformulation.

“The safe, on-schedule completion and successful startup of this expansion further enhances ExxonMobil’s competitiveness in manufacturing Group II base stocks,” said Bryan Milton, president of ExxonMobil Fuels & Lubricants. “It further establishes ExxonMobil as a key producer of fuels and petrochemical products and affirms our confidence in Singapore, where we operate ExxonMobil’s largest global integrated refining and petrochemical complex.”

Supply to customers is expected in the third quarter of 2019, and builds upon recent expansions at ExxonMobil’s Rotterdam facility, which along with existing production in Baytown, Texas strengthens the global supply of high-quality base stocks.

ExxonMobil’s EHC™ product line has been designed to maximize the performance of all major automotive engine oil grades and to enhance the performance of finished lubricants used in multiple industries.

Construction of the expansion began in 2017 and was completed safely and on schedule with 1 million workforce hours. At peak construction, more than 300 workers were employed.

Earlier this year, ExxonMobil announced a final investment decision on a multi-billion dollar expansion of the Singapore integrated manufacturing complex as part of the company’s plan to significantly increase earnings potential of the site.

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter at www.twitter.com/exxonmobil.

Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, timing, and outcomes; economic and environmental impacts; and earnings potential could differ materially due to changes in market conditions affecting the oil, gas and petroleum product industries or long-term oil, gas and petroleum product price levels; political or regulatory developments including changes in environmental regulations and obtaining necessary government permits; timely completion of construction projects; future technological developments; actions of competitors; technical or operating factors; the outcome of commercial negotiations; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

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