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ExxonMobil Chemical Company announced that its Singapore affiliate has reached an agreement with Jurong Aromatics Corporation Pte. Ltd. to acquire its plant located on Jurong Island in Singapore.

The transaction is expected to be completed in the second half of 2017. Terms were not disclosed.

"As a leading global manufacturer of aromatics, the addition of this aromatics plant to our existing operations in Singapore will help us better serve our customers in key Asian growth markets," said Matthew Aguiar, Senior Vice President of Basic Chemicals, Intermediates and Synthetics for ExxonMobil Chemical Company.

Singapore is home to ExxonMobil’s largest integrated refining and petrochemical complex, which has a crude oil processing capacity of 592,000 barrels per day and includes two world-scale steam crackers.

Jurong's plant, one of the largest in the world with an annual production capacity of 1.4 million tons, presents operational and logistical synergies for its integrated refining and petrochemical complex nearby, said ExxonMobil Chemicals. Acquisition of the Jurong aromatics plant will increase its Singapore aromatics production to over 3.5 million tons per year, of which 1.8 million tons is paraxylene.

"Our growth in Singapore is driven by the expected increase in global demand for chemical products over the next decade of nearly 45%, or about 4% per year, which is a faster pace than energy demand and economic growth," said Neil Chapman, President of ExxonMobil Chemical Company. "Nearly three-quarters of the increased demand is expected to be in Asia Pacific as a result of its rising prosperity and a growing middle class."

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