Exxon to spend $1 billion on refinery overhaul

Exxon says investment aimed at meeting European fuel demands.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   July 2, 2014 at 9:03 AM
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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 Chief Executive Officer Rex Tillerson said during a June shareholders meeting in Houston diesel was a more attractive fuel choice.

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.

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