ExxonMobil Announces Slagen Refinery Project to Upgrade Fuel Oil
September 03 2014 - 5:15PM
Business Wire
- Project will replace production of
heavy fuel oil with high quality vacuum gas oil feedstock, which is
used to produce cleaner transportation fuels such as diesel
- Investment demonstrates commitment to
invest in advantaged assets despite challenging industry
environment
- Upgrade builds upon refinery’s record
of 25 percent energy efficiency improvement since 1990
ExxonMobil affiliate Esso Norge AS announced today plans to
install a new processing unit at the Slagen refinery to enable
production of high quality vacuum gas oil, a higher-yield feedstock
used to create finished products such as diesel. The new residual
flash tower is an upgrading unit that will improve the facility’s
overall crude distillation process by replacing production of heavy
fuel oil with lighter, higher-value gas oil.
ExxonMobil's Slagen refinery (Photo:
Business Wire)
“The new investment in Slagen builds upon other strategic
investments in Europe and further strengthens the industry-leading
position of our advantaged assets in meeting increasing demand for
energy,” said Jerry Wascom, president of ExxonMobil Refining and
Supply Company. “This project, coupled with a recently announced
major upgrade at our Antwerp facility, will further strengthen
ExxonMobil’s integrated downstream portfolio in Europe to better
compete in the challenging environment our industry currently
faces.”
ExxonMobil is investing for the future in its Slagen refinery
despite low margins and industry-wide losses in Europe. This
project demonstrates ExxonMobil’s long-term view, with strategic
investments in advantaged refineries to more successfully face the
challenging industry environment. The company is evaluating
investments in other advantaged assets in its global refining
network.
“ExxonMobil continues to optimize its world-class refining
assets through strategic investments in assets with advantages over
our competition,” said Stephen Hart, regional director of
ExxonMobil Refining and Supply Company. “The new processing unit at
Slagen refinery supports the company’s position as a leader in the
global energy market by improving the production slate at the
Slagen refinery. The new unit will enable improvement in the
product yield in a highly energy-efficient manner that will help
further strengthen the industry-leading position of our
assets.”
International comparisons show that the Slagen refinery is one
of the most energy-efficient refineries in the world. Since the
early 1990s, the refinery has implemented internal measures to save
energy, and it is 25 percent more energy efficient today than it
was in 1990.
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 Slagen Refinery
The Esso Slagen refinery started up as the first large-scale,
modern refinery in Norway. The refinery was officially opened in
1961 by Prime Minister Einar Gerhardsen. The annual processing
capacity is 6 million tons of crude oil, mainly sourced from the
North Sea. Around 60 percent of the refinery’s production is
exported, making it one of the largest export businesses in
mainland Norway.
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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ExxonMobil Media RelationsEU:Richard Scrase, +44 1372
222261orUS:Todd Spitler, +1-703-846-4467
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