News Column

Exxonmobil to invest USD 1 bn in Belgian refinery

July 3, 2014

BRUSSELS, July 2 (KUNA) -- The American oil giant ExxonMobil announced Wednesday investments of USD one billion (730 mn euro) in an oil refinery in the Belgian port of Antwerp. ExxonMobil affiliate Esso Belgium, a division of ExxonMobil Petroleum & Chemical, in a press release said 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 gas oil 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, it said.

Despite extremely low margins and industry-wide losses in Europe, due primarily to excess refining capacity, ExxonMobil stated that it 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, it noted.

"Our investments at this refinery, totaling more than US two 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. (end)

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Source: Kuwait News Agency

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