Texas-based oil and gas major Exxon Mobil Corp. is nearing to commit $1 billion in the expansion project at its Fawley refinery in the U.K.
With the project, Exxon Mobil will boost production of ultra-low sulfur diesel by almost 45 percent, or 38,000 barrels per day, along with logistics improvements, thus reducing the need to import diesel into the UK.
The investment will contribute to ExxonMobil’s revealed plans to significantly increase the earnings potential of its downstream business by 2025.
Construction, which will support up to 1,000 building jobs, is scheduled to begin in late 2019, subject to regulatory approval, and startup is expected in 2021.