ExxonMobil reinforced its long-term supply commitment to the fast-growing Asia-Pacific market today during an event celebrating the expansion of its Singapore chemical production facility.
“Global chemical demand will grow at a faster pace than GDP as people seek higher standards of living and purchase more household and packaged goods manufactured with chemical products,” Rex W. Tillerson, Exxon Mobil Corporation (NYSE: XOM) chairman and chief executive officer, said at the event.
“Two-thirds of that growth in chemical demand will be here in the Asia-Pacific region. ExxonMobil’s expanded Singapore chemical plant is uniquely positioned to serve these growth markets – from China to the Indian subcontinent and beyond.”
ExxonMobil’s expansion project doubled the size of its finished product capacity in Singapore, making it the largest chemical expansion in the company’s history.
The Singapore chemical facility, which now accounts for about one-quarter of ExxonMobil’s global chemical capacity, incorporates more than 40 new proprietary technologies and is designed to be one of ExxonMobil’s most energy efficient and flexible sites. For example, a new steam cracker can process an unprecedented range of feedstock, from light gases to crude oil, to produce an expanded slate of premium and commodity petrochemicals.
Tillerson noted that the foundation for the advancements at the Singapore complex were established decades ago and strengthened through the company’s relationships with and respect for the people and nation of Singapore. “Government leaders here wisely pursued a stable policy course that encouraged international investment, teamwork and advanced technologies,” Tillerson said.
Leo Yip, chairman of the Singapore Economic Development Board, said, “The official opening of ExxonMobil’s Singapore Chemical Plant Expansion enhances Singapore’s leadership position as Asia’s energy and chemicals hub. This latest investment – the single largest manufacturing investment in Singapore’s history – is testament to our ability to successfully attract and execute complex mega-projects. The expansion of ExxonMobil’s chemical plant will create meaningful and exciting career opportunities for Singaporeans and also enable Singapore to broaden our chemicals industry with higher-value downstream chemical facilities.”
Png Cheong Boon, CEO, JTC Corporation, said, “The opening of ExxonMobil’s chemical plant is a testimony of the excellent infrastructure on Jurong Island and the strong partnership with ExxonMobil. We remain committed to work with the industry to ensure that Jurong Island remains a key energy and chemical hub in the region.”
Tillerson said that Singapore’s leadership has built a nation that promotes openness, transparency and free trade that enable progress through the exchange of talent, goods, services and ideas.
ExxonMobil has operated in Singapore for 120 years and is one of the country’s largest foreign manufacturing investors. The company employs 2,000 people at its refining and chemical production complex in Singapore. ExxonMobil cogeneration facilities, with capacity of 360 megawatts, meet the steam and electricity needs of the manufacturing complex, resulting in lower operating costs and reduced greenhouse gas emissions.