30 March 2009 21:41 [Source: ICIS news]
In the ICIS news story headlined “NPRA ’09: ExxonMobil to boost sales of ‘premium products’” dated 30 March 2009, please read throughout the story … Wojnar … instead of … Wolnar …. A corrected story follows.
SAN ANTONIO, Texas (ICIS news)--US-based ExxonMobil Chemical will focus on the production and sale of "premium products" as part of its overall strategy, senior vice president T J Wojnar said on Monday.
“In our investment decisions, we are focused on three key themes – refinery integration, feedstock flexibility and premium products,” Wojnar said in an interview with ICIS.
“Sales of our premium products are still growing in the ?xml:namespace>
Wojnar spoke on the sidelines of the International Petrochemical Conference (IPC), sponsored by the National Petrochemical & Refiners Association (NPRA).
While Wojnar would not disclose the percentage of premium products comprising ExxonMobil Chemical’s portfolio, there is a clear goal to boost this area as a percentage of sales, he said.
A major recovery in US chemical demand must coincide with a recovery in GDP, which has yet to happen, noted Wojnar.
“However, we feel good about how we’re performing in this downturn," he said. "We prepare for down-cycles all the time and are somewhat less exposed with our premium products.
“Our behaviour doesn’t change from the top to the bottom."
On whether ExxonMobil would look to acquire distressed assets in the downturn, Wojnar said any deal must fit the company’s business model of refinery integration, feedstock flexibility and ability to produce premium products.
“That limits the scope of such targets, but we are always looking at opportunities," he said.
The IPC started on 29 March and ends on 31 March.
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