Singapore is the nerve centre of Asia’s newest technologies and innovation. With research and development at the heart of it all, Singapore is a magnet for large-scale investments. The small island state is home to regional headquarters for global corporations as well as a vast network of startups, entrepreneurs and incubators.
In keeping with this trend, ExxonMobil has announced its final investment decision for the multi-billion-dollar expansion of its integrated manufacturing complex in Singapore. The project will drive the conversion of fuel oil and other bottom-of the-barrel crude products to high-quality lubricant base stocks and low-sulphur fuels.
This investment builds on cutting-edge technology at the Singapore complex, such as the world’s first steam cracker that can separate crude.
The investment comes at a time when the global economy is growing rapidly and driving the need for high-quality fuels and lubricants. This will be especially apparent in Asia, fuelled by the rising middle class and growing consumerism.
The expansion is set for completion in 2023. The integrated site will be the leader in the Asia-Pacific region and beyond for innovation in low-sulphur fuels, with the capacity to add 48,000 barrels a day to the market and increasing high-quality base stock production by 20,000 barrels a day, feeding the lubricants market. ExxonMobil is also collaborating with a third party, Linde, to produce hydrogen and synthetic gas from its bottom-of-the-barrel residue.
This investment comes hot on the heels of the opening of the Singapore Energy Centre in October 2018, which saw ExxonMobil become its first founding member, and the Singapore Butyl and Resins plants that started production in 2018, showing the company’s commitment to Singapore as the centre for innovation and technology.