Exxon Singapore Petchem Plant on Track Despite Glut

Exxon Mobil will not delay the start up of its new petrochemical plant in Singapore despite the glut in ethylene supplies, a senior executive said on Monday.

"We are into long-term investments. The petrochemical industry goes through many cycles. We cannot predict the cycles, ExxonMobil's senior vice president Andrew Swiger told a news conference at the Asia Oil and Gas Conference. "We will start our plant as scheduled."

The multibillion-dollar ethylene cracker on Singapore's Jurong Island has a capacity of 1 million tons per year. Mechanical completion and start-up activities of the new facilities will be in phases beginning late 2010 through 2011, the company had said.