BRUSSELS, July 2 (UPI) -- A Belgian division of Exxon Mobil said Wednesday it will invest more than $1 billion on overhauling a refinery in Antwerp to produce marine and diesel fuels.
"Our investments at this refinery, totaling more than $2 billion in less than a decade, will contribute to meeting the demand for fuels and finished products from our customers in Europe," Jerry Wascom, the incoming president of Exxon Mobil Refining & Supply Co., said in a statement.
Exxon's affiliate, Esso Belgium, said it will install a new unit at the Antwerp refinery to convert heavier oils into transportation fuels.
Exxon said in a statement the new unit at the 320,000-barrel-a-day refinery in Belgium addresses what it sees as a shortfall in the refinery sector's ability to churn out products such as diesel.
The Antwerp refinery has been in service since 1953.