ExxonMobil invests $500m for energy efficiency

05 November 2008 05:13  [Source: ICIS news]

SINGAPORE (ICIS news)--US oil major ExxonMobil will invest an additional $500m (€385m) to boost its energy efficiency, which is key to beat the world’s growing appetite for power, a top company official said late on Tuesday.

 

The company had invested over $1.5bn (€1.16bn) since 2004 in this endeavour and succeeded in cutting the energy use of its global steam crackers by almost 10%.

 

“We intend on spending $500m more over the next two years,” said Micheal Dolan, senior vice president of ExxonMobil Corporation, at the 2nd Singapore Energy Conference.

 

ExxonMobil’s multi-billion dollar petrochemical complex being built in Singapore would include a 220-megawatt cogeneration facility designed to bring down the energy requirement of the Jurong island complex.

 

The petrochemical facility is slated for completion in 2011.

 

“Energy efficiency extends the life of the world’s resources, reduces Green House Gas (GHG) emissions, helps drive down energy prices and helps strengthen energy security,” said Dolan.

 

“Energy efficiency will be a key source of energy that helps drive economies around the world while reducing GHG emissions,” he said.

 

Participants at the energy conference mostly discussed alternative sources such as solar, wind and biofuels to meet the world’s burgeoning energy needs.

 

“No single source can meet the world’s energy needs. To meet this growing demand, we must develop all commercially viable sources of energy,” Dolan said.

 

The Singapore Energy Conference will be concluded today.

 

($1 = €0.77)

 

For more on ExxonMobil visit ICIS company intelligence

To discuss issues facing the chemical industry go to ICIS connect

 

 

By: Bohan Loh
+65 6780 4359

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