XOM Exxon Mobil Corp

By Colin Kellaher

Exxon Mobil Corp. (XOM) Tuesday said it will proceed with a multibillion-dollar expansion of its Singapore manufacturing complex to convert fuel oil and other crude products into higher-value lube base stocks and distillates.

The Houston energy giant said engineering, procurement and construction activities are underway, with startup expected in 2023.

Exxon Mobil said it add the capacity to increase production of cleaner fuels with lower-sulfur content by 48,000 barrels a day, including high-quality marine fuels that it said will help customers new rules from the U.N.'s International Maritime Organization. The new regulations, effective at the start of next year, will prohibit ships from using fuels with a sulfur content above 0.5% unless they are equipped with scrubbers to clean up emissions.

The company said it has awarded engineering, procurement and construction Tecnicas Reunidas S.A. (TRE.MC) for new process units and John Wood Group PLC (WG.LN) for interconnecting pipelines and supporting infrastructure facilities. Exxon Mobil said it is also working on a long-term commercial agreement with Linde PLC (LIN) to upgrade residue from the site to hydrogen and synthesis gas.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 02, 2019 06:56 ET (10:56 GMT)

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