Exxon investing in diesel with $1B expansion plan for Belgium refinery

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (XOM) is making a contrarian bet to boost its struggling European refining business with its plan to invest more than $1B in expanding diesel fuel production at its big refinery in Antwerp, Belgium.

XOM’s head of refining for Europe and most other non-U.S. regions says the company is taking a long-term view on diesel: “If you look at Europe, demand for diesel continues to increase and demand for gasoline is decreasing."

Big shifts in the European auto fleet have caused huge changes in fuel consumption; car and truck drivers in the EU now burn at least 2.5x more diesel than gasoline, while the use was even a decade ago.