Exxon in talks to buy Singapore refining complex

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

Exxon Mobil (XOM +1.2%) says it is in talks to buy the Jurong Aromatics refining and petrochemical complex in Singapore that could increase its fuel and chemical production in Asia.

Jurong Aromatics, whose $2.4B condensate splitter and petrochemical units began operations in 2014, went into receivership in September 2015.

Singapore already is XOM's biggest paraxylene production base in the world at 1M metric tons/year, and the proposed acquisition would boost its paraxylene capacity to 1.8M tons/year and add another 2.5M tons/year of oil products output.