Exxon Corp.'s Esso Standard Thailand Ltd. has signed a major refinery expansion agreement with the government of Thailand.
The two phase project will increase capacity of Esso Thailand's Sriracha refinery to 185,000 b/d from the current 63,000 b/d.
It's one of Exxon's biggest refining projects.
Construction of the first phase of the expansion, to cost more than $900 million, will begin in mid-1992, aiming for completion in mid-1995.
The phase will include a second set of distillation units to increase crude oil processing capacity to 145,000 b/d, a fluid catalytic cracker using Exxon technology, a continuous catalytic reformer that will enable the refinery to manufacture high octane unleaded gasoline, and sulfur recovery and hydrotreating units for production of low sulfur diesel fuels.
The agreement involves ownership participation of the Thai government and public in the expansion project and Esso's total refining and marketing business in Thailand. The government will acquire a 12.5% interest in Esso Thailand.
After completion of the first phase of the expansion, 20% of Esso Thai land shares will be offered to the public.
The goal is to make eventual ownership of the company 70% Exxon, 20% public, and 10% government of Thailand through the Ministry of Finance.
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