SINGAPORE--(BUSINESS WIRE)--Jan 7, 2014--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 ?V 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 ?V the single largest manufacturing investment in Singapore's history ?V 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.
Statements relating to future plans, projections, events or conditions are forward-looking statements. Actual results, including project plans, capacities, and impacts as well as demand growth and mix, could differ materially due to factors including: changes in oil, gas or petrochemical prices or other market or economic conditions affecting the oil, gas and petrochemical industries, including the scope and duration of economic recessions; changes in law or government regulation, including tax and environmental requirements; the outcome of commercial negotiations; changes in technical or operating conditions; and other factors discussed under the heading "Factors Affecting Future Results" in the "Investors" section of our website and in Item 1A of ExxonMobil's 2012 Form 10-K. We assume no duty to update these statements as of any future date. The term "project" as used in this release does not necessarily have the same meaning as under SEC Rule 13q-1 relating to government payment reporting.
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world's growing energy needs. ExxonMobil holds an industry-leading inventory of resources; is the largest refiner and marketer of petroleum products; and its chemical company is one of the largest in the world. For more information, visit www.exxonmobil.com or follow us on Twitter www.twitter.com/exxonmobil.
About ExxonMobil in Singapore
ExxonMobil is one of Singapore's largest foreign manufacturing investors. Our Singapore affiliate, ExxonMobil Asia Pacific Pte Ltd, (EMAPPL) has manufacturing facilities which include refinery operations in Jurong and a world-scale petrochemical plant on Jurong Island.
EMAPPL has Singapore's largest network of service stations under the Esso brand and is a major supplier of cylinder cooking gas. EMAPPL also serves the commercial market with its industrial, aviation and marine fuels and lubricants. As a corporation, ExxonMobil is committed to addressing the challenge of sustainability ?V balancing economic growth, social development and environmental protection. In line with those strategies, ExxonMobil and EMAPPL contribute to programs in Singapore that support the arts and education, the community and the environment. For more information, please visit www.exxonmobil.com.sg.
CONTACT: ExxonMobil Asia Pacific Pte Ltd (Singapore)
Karen Wong, (+65) 6885-8275, (+65) 9652-7198
Corporate Media Line (USA)
KEYWORD: UNITED STATES ASIA PACIFIC NORTH AMERICA SINGAPORE TEXAS
INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Exxon Mobil Corporation
Copyright Business Wire 2014
PUB: 01/07/2014 10:30 PM/DISC: 01/07/2014 10:30 PM