INTERACTIVE: ExxonMobil completes acquisition of JAC's Singapore plant

Source: ICIS News

2017/08/28

Singapore JAC plant 28 August

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SINGAPORE (ICIS)--ExxonMobil has completed the acquisition of Jurong Aromatics Corp’s (JAC) aromatics plant on Jurong Island in Singapore, the energy major said on Monday.

JAC’s facility can produce 800,000 tonnes/year of fibre intermediate feedstock paraxylene (PX); 438,000 tonnes/year of benzene; and 200,000 tonnes/year of orthoxylene (OX) at the site, according to JAC’s website.

The facility is located near ExxonMobil’s integrated refining and petrochemicals complex that has an ethylene production capacity of 1.9m tonnes/year, ExxonMobil said.

“The acquisition will strengthen both sites with operational and logistical synergies, as well as increase ExxonMobil’s Singapore aromatics production to over 3.5m tonnes per year, including 1.8m tonnes of paraxylene (PX), and add about 65,000 barrels per day of transportation fuels capacity,” the US energy firm said in a statement.

Financial details of the deal were not disclosed.

“Integration of the aromatics plant with our existing manufacturing facility will help us to better serve our customers in key Asian growth markets, as well as further establish Singapore as a hub for global trade and economic progress,” said Gan Seow Kee, chairman and managing director of ExxonMobil Asia Pacific Pte Ltd.

Gan added that ExxonMobil has rehired major of the qualified employees of JAC.

ExxonMobil had announced in May its acquisition of JAC’s plant following negotiations with accounting firm Borrelli Walsh, which was appointed as the receiver of the debt-laden Singapore aromatics producer’s assets.

JAC went into receivership in 2015 after debt-restructuring talks with creditors failed.

Picture (top): Aerial view of the JAC facility on Jurong Island (Source: ExxonMobil)