(Edited from: Annual Report)
ExxonMobil says it will continue with its capital investment programme. “The projects in which we invest often involve billions of dollars, require many years to develop, and are expected to operate and deliver results for decades”, says chairman and president, Rex Tillerson.
“To be successful requires a disciplined approach which looks through the petroleum and petrochemical business cycles to focus on the long-term viability of each project. We continue to identify and progress a diverse portfolio of world-class profitable investment opportunities, with over 60 major projects currently in development”, continues Tillerson.
The chemical business of ExxonMobil is believed to be a growth driver, with its high-volume commodity chemical portfolio. The company intends to grow and strengthen its chemical businesses through new product development and expansion in new markets. It will also focus on improving efficiency and reducing the costs of manufacturing, selling, and distributing its products.
Focus on businesses that capitalise on core competencies;
Capture full benefits of integration across ExxonMobil operations;
Consistently deliver best-in-class performance;
Build proprietary technology positions; and
Selectively invest in advantaged projects.
ExxonMobil made significant progress on plans for several world-scale projects to supply demand growth in Asia, and in particular China, which alone is expected to represent 25% of global key commodity demand by 2015. Several of these projects are believed to build on its “geographic footprint” of world-scale facilities strategically located in the Middle East and Singapore.
ExxonMobil will build a second world-scale steam cracker complex in Singapore, which has been widely estimated to cost around $4bn, to meet growing regional demand for its products. ExxonMobil plans to integrate the project with its existing Singapore site in Jurong Island, providing feedstock, operating and investment synergies with both the chemical plant and its refinery.
The petrochemical project will include a 1m tonnes/year ethylene steam cracker, two 650,000 tonnes/year polyethylene (PE) units, a 450,000 tonnes/year polypropylene (PP) unit, a 300,000 tonnes/year specialty elastomers unit, an aromatics extraction unit to produce 340,000 tonnes/year of benzene and an oxo-alcohol expansion of 125,000 tonnes/year.
In China, development continues on the integrated Fujian project, including the construction of an 800,000 tonnes/year ethylene steam cracker, PE and PP units, and a 700,000 tonnes/year paraxylene (PX) unit.
ExxonMobil and Qatar Petroleum intend to build an ethane cracker in Qatar with an ethylene capacity of 1.3m tonnes/year. Capacity of downstream facilities will be 570,000 tonnes/year of linear low density polyethylene (LLDPE), 420,000 tonnes/year of low density polyethylene (LDPE), and 700,000 tonnes/year of ethylene glycol. Start up is slated for 2012.
Saudi Basic Industries Corporation (SABIC) and affiliates of ExxonMobil Chemical announced a feasibility study to define a potential project to grow the existing joint petrochemical ventures at Yanbu and Al Jubail, Saudi Arabia. The project will target a domestic supply of petrochemical products to serve emerging local and international markets.
The project involves adding carbon black and various speciality plastics and rubbers, including butyl polymers, ethylene propylene diene monomer rubber (EPDM), styrene butadiene rubber (SBR), polybutadiene rubber (PBR), and thermoplastic olefins (TPO). Commissioning of the facilities is slated for 2011.
In addition, ExxonMobil, Sinopec, the Fujian provincial government and subsidiaries of Saudi Aramco have established an estimated $4bn contract for a refining and petrochemical joint venture at Quanzhou, China, slated for commissioning in 2009.
Please see INSIGHT: ExxonMobil focused on feedstocks, costs, processes on ICIS news.
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ExxonMobil is a major manufacturer and marketer of basic petrochemicals, including olefins, aromatics, polyethylene and polypropylene, and a variety of speciality products. On 1 December 1998, Exxon Corporation and Mobil Corporation signed an agreement to merge the two companies. Following shareholder approval, regulatory reviews and other conditions, Exxon Mobil Corporation was formed on 30 November 1999.
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