$1B-plus ExxonMobil Upgrade at Antwerp Refinery

Wascom said the company has invested a total of $2 billion in the facility

Esso Belgium, a division of ExxonMobil Petroleum & Chemical BVBA, officially announced plans to spend more than $1 billion on an upgrade at its Antwerp refinery Wednesday.

The investment of more than a billion dollars will pay for a new delayed coker unit to convert high-sulfur residuals into marine gas oil, diesel fuel, and other transportation fuels.

"In addition to enhancing ExxonMobil's strongly performing Antwerp facility, the new delayed coker unit will further strengthen ExxonMobil's integrated downstream and chemical portfolio in northwest Europe to better compete in the challenging global industry environment," said Jerry Wascom, incoming president of ExxonMobil Refining & Supply Company.

Wascom said the company has invested a total of $2 billion in the facility in less than a decade.

"This new unit, along with the recently completed 130 megawatt cogeneration unit and diesel hydrotreater at the Antwerp complex, reaffirms ExxonMobil as a leader in the European and global energy markets," he said.

ExxonMobil said it sees the improvements as a long-term investment in the strategic refinery, despite industry-wide losses in Europe currently due to excess refining capacity.

"This investment will add to our product slate at the Antwerp refinery and deliver much needed cleaner diesel to our European customers," said Stephen Hart, regional director of ExxonMobil Refining & Supply Company."

The Antwerp Port Authority said in an emailed statement that it is "extremely pleased" with the investment.