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Exxon prepares to start up $2 billion Texas oil refinery expansion

By Erwin Seba (Reuters) - Exxon Mobil Corp (NYSE:XOM) in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the...
Exxon prepares to start up $2 billion Texas oil refinery expansion © Reuters. FILE PHOTO: A general view of a new crude distillation unit under construction at Exxon Mobil's refinery in Beaumont, Texas, U.S., November 23, 2022. REUTERS/Erwin Seba
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By Erwin Seba

(Reuters) - Exxon Mobil Corp (NYSE:XOM) in coming days will sharply boost gasoline and diesel production at its Beaumont, Texas, refinery, people familiar with the matter said, completing a $2 billion expansion first considered nine years ago.

Initial startup of a 250,000 barrels per day (bpd) crude distillation unit (CDU) at the 369,000 bpd refinery is expected by Jan. 31, the sources said, making the Beaumont refinery the second largest in the United States.

It is the first major expansion to U.S. oil processing in nearly a decade, adding the equivalent of a mid-sized refinery, and coming online as scheduled at a time when U.S. President Joe Biden has been urging refiners to produce more fuels, or face penalties.

(This story has been corrected to say that the cost of refinery expansion is $2 billion, not $1.2 billion, in the headline and story)

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27-02-2024 10:22:37 (UTC+7)

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    USD/JPY 150.49 Buy  
    AUD/USD 0.6530 ↑ Buy  
    USD/CAD 1.3508 ↑ Sell  
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    Copper 3.8460 ↑ Buy  
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    Bayer 28.59 ↑ Buy  
    Allianz 245.65 Neutral  
    Adidas 188.20 Neutral  
    Lufthansa 7.237 ↑ Buy  
    Siemens AG 174.90 ↑ Buy  
    Deutsche Bank AG 12.302 ↑ Buy  
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