ExxonMobil to Invest More Than $1 Billion to Expand U.K.'s Fawley Refinery -- Update
24 Abril 2019 - 11:01AM
Noticias Dow Jones
By Aisha Al-Muslim
Exxon Mobil Corp. (XOM) will invest more than $1 billion to
expand the Fawley refinery and chemical plant in the U.K.,
Britain's largest integrated facility.
The oil and gas company said Wednesday its investment will
increase production of ultra-low sulfur diesel by almost 45%, or
38,000 barrels per day. The project is expected to help reduce
diesel imports into the U.K., which imported about half of its
supply in 2017, the company said.
The investment of the Fawley site, located along Southampton
Water, also includes improvements that will support Esso's
logistics and fuels marketing operations, the company said.
The project calls for building a hydrotreater unit to remove
sulfur from fuel and a new hydrogen plant meant to improve the
refinery's energy efficiency. Ultra-low sulfur fuels lead to
improved air quality when powering engines on tractor-trailers,
buses, marine vessels and off-road equipment, the company said.
Construction is scheduled to begin late this year, subject to
regulatory approval, and startup is expected in 2021. Up to 1,000
construction jobs are expected to be supported by the project.
The Fawley project, along with some other recent investments at
ExxonMobil's refineries around the world, is expected to contribute
to the company's plans to significantly increase the earnings
potential of its downstream business by 2025.
Separately, ExxonMobil said Wednesday it will raise its dividend
for the second quarter to 87 cents a share, up from 82 cents a
share paid in the first quarter of 2019. The dividend will be
payable on June 10 to shareholders of record at the close of
business on May 13.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
April 24, 2019 11:46 ET (15:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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