The investment will develop fuels with sulphur content limited to 0.5%.
Reuters reported that Exxon Mobil is eyeing for a multi-billion dollar investment at its Singapore refinery which is its largest.
“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,” Exxon vice president of Asia Pacific fuels business Matt Bergeron said at a bunkering conference.
In September, Exxon said that it is targeting to spend more than US$650m ($892.9m) for the upgrade of its Fawley refinery in the UK.
With the new rules by the International Maritime Organisation (IMO) which will be implemented by 2020, sulphur content will be limited to 0.5% from the current 3.5% to curb pollution by ships, oil refining and shipping industries are busy preparing for the shift and have made large investments to adapt.
Here’s more from Reuters.
Photo from Reuters.
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