The facility, previously owned by Jurong Aromatics Corporation, is located near ExxonMobil’s largest integrated refining and petrochemical complex, which has an ethylene production capacity of 1.9 million tonnes per year and a crude oil processing capacity of 592,000 barrels per day.

The acquisition will strengthen both sites with operational and logistical synergies, as well as increase ExxonMobil’s Singapore aromatics production to over 3.5 million tonnes per year, including 1.8 million tonnes of paraxylene, and add about 65,000 barrels per day of transportation fuels capacity.

ExxonMobil has operated in Singapore for more than 120 years and is one of the country’s largest international manufacturing investors. Singapore’s integrated petrochemical complex can process a wide range of feedstocks, from light gases to crude oil. Later this year, the complex will begin the phased start-up of new 230,000 tonne-per-year specialty polymers facilities that will produce halobutyl rubber and performance resins for adhesive applications.

The company’s growth in Singapore is driven by the expected increase in global demand for chemical products over the next decade of nearly 45%, or about 4% per year, which is a faster pace than energy demand and economic growth. Nearly three-quarters of the increased demand is expected to be in Asia Pacific as a result of its rising prosperity and a growing middle class.