ExxonMobil Announces Antwerp Refinery Investment of More Than $1 Billion
July 02 2014 - 12:00AM
Business Wire
- Construction of new delayed coker unit
follows other significant investments totaling more than $2 billion
in less than a decade
- New unit will convert heavy, higher
sulfur residual oil into products such as diesel
- Significant long-term investment made
despite a challenging industry environment in Europe
ExxonMobil affiliate Esso Belgium, a division of ExxonMobil
Petroleum & Chemical B.V.B.A., announced today it plans to
install a new delayed coker unit at its Antwerp refinery to convert
heavy, higher sulfur residual oils into transportation fuels
products such as marine gasoil and diesel fuel. The new unit will
expand the refinery’s ability to help meet energy needs throughout
northwest Europe, despite a challenging industry environment.
ExxonMobil Refinery Antwerp (Photo:
Business Wire)
“Our investments at this refinery, totaling more than $2 billion
in less than a decade, will contribute to meeting the demand for
fuels and finished products from our customers in Europe,” said
Jerry Wascom, incoming president of ExxonMobil Refining &
Supply Company. “This new unit, along with the recently completed
130 megawatt cogeneration unit and diesel hydrotreater at the
Antwerp complex, reaffirms ExxonMobil as a leader in the European
and global energy markets.”
Despite extremely low margins and industry-wide losses in
Europe, due primarily to excess refining capacity, ExxonMobil is
investing for the long term in its strategic Antwerp
refinery. The investment addresses an industry shortfall in
capability to convert fuel oil to products such as diesel.
This project demonstrates ExxonMobil’s long-term view and
disciplined approach toward business investments, and is the first
of several being evaluated to further strengthen strategic
refineries in Europe to more successfully face the challenging
industry environment. ExxonMobil’s annual Outlook for Energy
projects that Europe’s demand for diesel fuel will remain high in
the coming decades for trucking and other commercial
transportation.
“In addition to enhancing ExxonMobil’s strongly performing
Antwerp facility, the new delayed coker unit will further
strengthen ExxonMobil’s integrated downstream and chemical
portfolio in northwest Europe to better compete in the challenging
global industry environment,” said Stephen Hart, regional director
of ExxonMobil Refining & Supply Company. “This investment will
add to our product slate at the Antwerp refinery and deliver much
needed cleaner diesel to our European customers.”
About ExxonMobil Refining & Supply
ExxonMobil Refining & Supply and its stewarded affiliates
operate a global network of reliable and efficient manufacturing
plants, transportation systems and distribution centers that
provide a range of fuels, lubricants and other high-value products
and feedstocks to our customers around the world.
About Antwerp Refinery
Esso Belgium, a division of ExxonMobil Petroleum & Chemical
B.V.B.A., Antwerp refinery has a production capacity of
approximately 320,000 barrels per day and has been in operation
since 1953.
CAUTIONARY STATEMENT: Statements of future events or conditions
in this release are forward-looking statements. Actual future
results, including project plans, schedules, costs, and capacities
could differ materially due to changes in market conditions
affecting the oil and gas industry or long-term price levels for
oil, gas and refined products; political or regulatory
developments, including changes in environmental laws; the
occurrence and duration of economic recessions; the actions of
competitors; technical or operating factors; and other factors
discussed under the heading "Factors Affecting Future Results" in
the Investor Information section of our website
(www.exxonmobil.com) and in Item 1A of our most recent Form 10-K.
The term "project" as used in this release does not necessarily
have the same meaning as under any government payment transparency
reporting rules.
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