ExxonMobil to buy S’pore refinery

SINGAPORE: Exxon Mobil Corp said yesterday it has reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics (JAC) in Singapore that will boost its output and meet demand in Asia. The company expects to complete the transaction in the second half of this year, boosting its aromatics production in Singapore to more than 3.5 million tonnes per year (tpy), including 1.8 million tpy of paraxylene, a raw material for textiles and bottles.