ExxonMobil opens $1.9b plant in S'pore

ExxonMobil opens $1.9b plant in S'pore

SINGAPORE:Global energy giant ExxonMobil opened a S$3.5 billion (US$1.9 billion) chemical plant in Singapore on Friday, becoming the city-state's biggest foreign investor.

The plant, located on Singapore's petrochemical complex on the man-made Jurong Island, will integrate upstream petroleum refining and downstream chemicals manufacturing.

Deputy Prime Minister Lee Hsien Loong described the plant as a "significant project, making ExxonMobil the single largest investor on Jurong Island and Singapore's biggest foreign investor."

The U.S. energy firm embarked on the project in 1998 at the height of the Asian financial crisis.

Speaking at the inauguration ceremonies, Lee said the decision was a "bold step" at that time, and reflected ExxonMobil's "recognition of the tremendous growth potential in the Asia- Pacific region." --AFP