Antwerp Port Welcomes $1Bn Cash Injection from Exxon
- Business & Finance
Antwerp Port Authority has welcomed the latest in a series of investments by oil mayors in the port with the decision by ExxonMobil to invest more than $1 billion in its refinery in the port.
ExxonMobil affiliate Esso Belgium, a division of ExxonMobil Petroleum & Chemical B.V.B.A. plans to install a new delayed coker unit at its Antwerp refinery to convert heavy, higher sulfur residual oils into transportation fuels products such as marine gasoil and diesel fuel.
The new unit will expand the refinery’s ability to help meet energy needs throughout northwest Europe, despite a challenging industry environment.
Over the past decade Exxon has sunk more than 2 billion dollars in Antwerp to meet European demand for fuels and other oil products.
“The financing decisions by companies such as Total, Praxair, Evonik Industries and others show that the chemical industry believes strongly in the unique multifunctional capabilities offered by the port,” the Port Authority said.
The Port Authority’s aims to further develop this platform and it has set up a special team to expand the oil and chemical cluster in Antwerp, by amongst others intensifying the marketing effort towards existing companies and extending the operation of the supply chain. In parallel the Port Authority will offer state-of-the-art capacity and promote the renewal of facilities.
Press Release, July 3, 2014
Press Release; July 3rd, 2014