- Esso Norge, ExxonMobil’s affiliate in Norway, last week stated that it would be installing a new processing unit at the Slagen refinery.
- The investment is likely to turn on the heat for ExxonMobil’s competitors most of whom are closing down refineries in Europe.
- The downstream margins of ExxonMobil have been under severe pressure of late owing to the overcapacity of the industry.
- The Norwegian unit would enhance the company’s fuel yield with the production of vacuum gas oil.
- With diesel imports on the rise in Europe and gasoil facing a decline, ExxonMobil’s diesel supremacy could work wonders for the company on the European front.