Exxon Mobil Corp said yesterday it had made a final investment decision on a multi-billion dollar expansion of its integrated manufacturing complex in Singapore that would help it increase production of cleaner fuels with lower-sulphur content.
The International Maritime Organisation is introducing new rules on marine fuels from 2020, limiting the sulphur content to 0.5 per cent from 3.5 per cent, to curb pollution from ships. The shipping and oil refining industries are scrambling to prepare for the shift and have made large investments to comply with the new standards since they were announced in 2016.
Exxon's expansion project, which is expected to come online in 2023, would convert fuel oil and other residual crude products into higher-value lube base stocks and distillates, the company said in a statement. The company said the expansion would increase its capacity to produce cleaner fuels with lower-sulphur content by 48,000 barrels per day, including high-quality marine fuels.
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