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Brian Katt
"We can confirm that we are currently negotiating with liquidators of Jurong Aromatics Corporation Pte Ltd to acquire JAC assets on Jurong Island," said Exxon Mobil. "We came to some progress, but an agreement has not been reached yet", she added.
The US oil company is a favorite in the process of acquiring JAC, which was appointed to external management in September 2015, Thomson Reuters reports.
Borrelli Walsh was appointed liquidators and managers of JAC by BNP Paribas. Lotte Chemical Corp said in March that it was out of the race for the purchase of JAC.
JAC’s division for production of condensate separators and petrochemical plants worth $ 2.4 billion was launched in Asia in 2014. It focused on production of paraxylene, raw materials for textiles and bottles to meet demand from China.
Singapore is already the world’s largest production base for Exxon Mobil paraxylene. Its production volume amounts to 1 million tons per year according to the annual report for 2016. The proposed acquisition of JAC will increase the paraxylene capacity of ExxonMobil to 1.8 million tons per year and will annually add another 2.5 million tons to total production of petroleum products.
JAC's debt problems arose against the backdrop of a global commodity crisis. At the end of 2014, the company stopped working to solve technical problems. The plant was restarted in July 2016 under tolling (processing of foreign raw materials and subsequent export of finished products) agreements with BP and Glencore.
As soon as the agreement is signed, Exxon Mobil can take on the purchase of condensate for JAC from July, the industry sources reported.
ExxonMobil's net profit attributable to the oil company’s shareholders, according to the results of work in 2016, was $ 7.84 billion, which is 51.45% lower than the result of the previous year ($ 16.15 billion), the company's report says.
In the fourth quarter of 2016, ExxonMobil's net profit was $ 1.68 billion, or $ 0.41 per share. At that, Financial Times told that the result was about 40% below the forecast.
ExxonMobil's total revenue in 2016 was $ 226.094 billion compared to $ 268.882 billion in 2015 (minus 15.9%).
The company's report notes that in 2016 ExxonMobil managed to increase daily production of oil, gas condensate and other hydrocarbons by 0.85%, to 2.365 million barrels of the oil equivalent, including in the US by 3.78% (to 494 thousand barrels). At the same time, ExxonMobil's gas production declined by about 1%, to 114.7 million cubic meters.
source: reuters.com
The US oil company is a favorite in the process of acquiring JAC, which was appointed to external management in September 2015, Thomson Reuters reports.
Borrelli Walsh was appointed liquidators and managers of JAC by BNP Paribas. Lotte Chemical Corp said in March that it was out of the race for the purchase of JAC.
JAC’s division for production of condensate separators and petrochemical plants worth $ 2.4 billion was launched in Asia in 2014. It focused on production of paraxylene, raw materials for textiles and bottles to meet demand from China.
Singapore is already the world’s largest production base for Exxon Mobil paraxylene. Its production volume amounts to 1 million tons per year according to the annual report for 2016. The proposed acquisition of JAC will increase the paraxylene capacity of ExxonMobil to 1.8 million tons per year and will annually add another 2.5 million tons to total production of petroleum products.
JAC's debt problems arose against the backdrop of a global commodity crisis. At the end of 2014, the company stopped working to solve technical problems. The plant was restarted in July 2016 under tolling (processing of foreign raw materials and subsequent export of finished products) agreements with BP and Glencore.
As soon as the agreement is signed, Exxon Mobil can take on the purchase of condensate for JAC from July, the industry sources reported.
ExxonMobil's net profit attributable to the oil company’s shareholders, according to the results of work in 2016, was $ 7.84 billion, which is 51.45% lower than the result of the previous year ($ 16.15 billion), the company's report says.
In the fourth quarter of 2016, ExxonMobil's net profit was $ 1.68 billion, or $ 0.41 per share. At that, Financial Times told that the result was about 40% below the forecast.
ExxonMobil's total revenue in 2016 was $ 226.094 billion compared to $ 268.882 billion in 2015 (minus 15.9%).
The company's report notes that in 2016 ExxonMobil managed to increase daily production of oil, gas condensate and other hydrocarbons by 0.85%, to 2.365 million barrels of the oil equivalent, including in the US by 3.78% (to 494 thousand barrels). At the same time, ExxonMobil's gas production declined by about 1%, to 114.7 million cubic meters.
source: reuters.com
