ExxonMobil is considering a multi-billion dollar investment at its Singapore refinery, the company’s largest, ahead of new global shipping fuel regulations starting in 2020, a senior executive said on Wednesday.
“We are currently assessing a multi-billion project in our integrated manufacturing facility here in Singapore,” Matt Bergeron, vice president of Asia Pacific Fuels Business at Exxon, said at a bunkering conference.
“Should the project proceed, we plan to implement proprietary technologies that will convert lower value by-products into cleaner higher value products including 0.5 percent sulphur fuels that we believe will be the compliant option for the vast majority of the marine sector,” Bergeron said.
The International Maritime Organisation (IMO) is introducing new rules on marine fuels from 2020, limiting the sulphur content to 0.5 per cent, from 3.5 per cent currently, to curb pollution produced by the world’s ships. Read More