ExxonMobil negotiating to acquire JAC's assets in Singapore

05 April 2017 08:09 Source:ICIS News

SINGAPORE (ICIS)--ExxonMobil is currently negotiating with restructuring firm Borrelli Walsh to acquire Jurong Aromatics Corporation’s (JAC) assets at Jurong Island in Singapore, a company spokesperson said on Wednesday.

“While progress is being made, no agreement has been reached yet,” the spokesperson said.

JAC went into receivership in 2015 after debt-restructuring talks failed and Borrelli Walsh was subsequently appointed as the receiver of the firm’s aromatics facility on Jurong Island.

“We regularly evaluate our global portfolio of businesses and opportunities for growth, restructuring, or divestment, depending on fit with strategic business objectives,” the ExxonMobil spokesperson added.

JAC can produce 800,000 tonnes/year of fiber intermediate feedstock paraxylene (PX) and 438,000 tonne/year of benzene at its Jurong Island facility.

By Nurluqman Suratman