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Business
ExxonMobil will buy aromatics producer
by Alexander H. Tullo
May 15, 2017
| A version of this story appeared in
Volume 95, Issue 20
ExxonMobil has inked an agreement to purchase Jurong Aromatics, which operates one of the world’s largest aromatics plants in Singapore. Jurong declared bankruptcy in 2015. Earlier this spring, South Korea’s Lotte Chemical dropped out of bidding for the firm. ExxonMobil operates two ethylene crackers and a refinery nearby. The acquisition will almost double its aromatics capacity to 3.5 million metric tons per year, half of which will be the polyester precursor p-xylene.
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