ExxonMobil said on Tuesday it plans to make a final investment decision in 2019 on what it called a "multi-billion dollar" project that would expand its clean fuel and lubricant output at its Singapore refinery.
The project is aimed at increasing the competitiveness of ExxonMobil's Singapore refining-petrochemical complex, which is one of the company's largest integrated fuels, lubricant base stocks and chemicals production sites in the world, the company said in a statement.
If the project proceeds, the new output is expected in 2023, the company said, without disclosing exactly how much it plans to invest.
"This investment would move it to the top quartile worldwide in terms of refining competitiveness and increase the site's competitive advantage from crude cracking," said Bryan Milton, president of ExxonMobil Fuels & Lubricants Company.
The expansion would enable ExxonMobil to introduce a new high-viscosity base stock to the market, it said. Base oil is the raw material for lubricants used in machinery motor parts.
The project would also increase ExxonMobil's output of marine fuels with lower sulphur content that will comply with a new requirement from the International Maritime Organization, ExxonMobil said.
Separately, the company said it expects to start producing new base oil and fuel from an expanded hydrocracker at its Rotterdam refinery in the Netherlands by the end of 2018. (Reporting by Florence Tan