Antwerp welcomes ExxonMobil investment

The Antwerp Port Authority has said that it is extremely pleased with the decision by ExxonMobil to invest more than US$ 1 billion in its refinery in the Port of Antwerp. The investment demonstrates ExxonMobil’s confidence in the port and in the European industry, which in these challenging times is a very positive signal.

Refinery details

The existing ExxonMobil refinery in Antwerp is one of the companies most cost and energy efficient. The new refinery will convert heavy, high sulfur remainder fractions into cleaner oil products and transport fuel such as diesel and fuel oil for shipping. This will enable ExxonMobil to extend its product range in Antwerp and strengthen its worldwide competitive position. This is not the first time that ExxonMobil has expanded its facilities in Antwerp by investment in innovative technology: over the past decade the company has sunk more than US$ 2 billion in Antwerp to meet European demand for fuels and other oil products.

Making investments

This venture is however only the latest one at the pot in an impressive series of investments made by the oil and chemical industry in recent years. As a major integrated petrochemical cluster the port of Antwerp has many advantages when it comes to developing industrial activities into profitable investments. 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. Not only is Antwerp in the main hub of the West European pipeline network, but it is in a strategic location in the heart of the European centres of production and consumption.

The Port Authority is looking to further improve the logistics platform at the site. To achieve this it has set up a team to expand the oil and chemical cluster, 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. The ultimate aim of all this is to enable the oil and chemical industry in Antwerp to grow more rapidly than its direct European competitors.

Adapted for web by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/03072014/port_antwerp_pleased_exxon_investment/