4/24/2019, 5:23 PM (Source: TeleTrader)
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ExxonMobil to invest $1B to expand UK refinery

Exxon Mobil Corp will invest more than $1 billion into the United Kingdom's largest oil refinery Fawley, to increase its production by almost 45 percent, or 38,000 barrels per day, the company announced on Wednesday. Along with refinery upgrades, Exxon is planning logistics improvements which will help reduce the UK's need to import diesel.

"This investment will make Fawley refinery the most efficient in the United Kingdom, supporting Esso’s industry-leading logistics and fuels marketing operations," president of ExxonMobil Fuels and Lubricants Company Bryan Milton said in the press release.

The construction, which is subject to regulatory approval, is scheduled to begin in late 2019 and expected to finish in 2021.

Breaking the News / MD