Besides Singapore, ExxonMobil Chemical is studying and evaluating its potential growth opportunities in China and in Thailand
Reports confirm that ExxonMobil Chemical, a petrochemical company will continue to look for growth opportunities and expand its presence in Singapore and the rest of Asia for enhancing its product portfolio. The company officially opened its 140,000 tonne/year butyl plant and 90,000 tonne/year resins plant on Jurong Island in Singapore on 5 April.
Seemingly, being able to directly crack crude oil at its site in Singapore provides better feedstock flexibility for the company’s two new units. For now, ExxonMobil is focused on beginning commercial production at its new halobutyl rubber plant in the second half of 2019 in Singapore.
Karen McKee, newly appointed president of ExxonMobil Chemical said that Singapore houses ExxonMobil’s largest petrochemical and integrated refining complex in the world. The company is committed to bring the best proprietary technology in Singapore as well as expand its investment reach in the country, she mentioned.
McKee added that ExxonMobil Chemical is studying and evaluating its potential growth opportunities in China and also in Thailand. In Thailand, the company reportedly operates the Esso Sriracha Refinery with a maximum rated capacity of 174,000 bbl/day in Chonburi province.
Sources familiar with the matter informed that ExxonMobil had signed an agreement of cooperation framework in Sept. 2018 with the provincial government of Guangdong in southern China to further boost the construction of a chemical complex in the Petrochemical Industrial Park of Huizhou.
Apparently, the planned multibillion-dollar project which would start-up in 2023, includes a 1.2m tonne/year flexible feed steam cracker, two differentiated performance polypropylene (PP) lines, and two performance polyethylene (PE) lines.
The company is currently on the path to double its chemical earnings by 2025, reinforced by investments in the US and in Asia, sources commented. Its growth plan comprises 13 new chemical units, which include two new steam crackers in the US, as a part of its objective to increase chemical manufacturing in the North America and Asia Pacific by 40% through 2025.