ExxonMobil has emerged as the winner for Singapore-based Jurong Aromatics Corp. (JAC), outbidding Lotte Chemical and Hanwha Total Petrochemicals, according to a report in The Korea Herald newspaper. The acquisition is expected to close in the first half of 2017.

The US oil and gas firm is said to have offered about 2 trillion won ($1.78 billion), which was double the respective 1 trillion won the South Korean firms reportedly bid.

According to media reports, Lotte Chemical said in a filing to the South Korean stock exchange that it had not been successful in acquiring JAC. The Seoul-headquartered company was shortlisted on Jan. 10 after submitting a letter of intent to acquire the debt-ridden aromatics group, which went into receivership in September 2015.

JAC, which produces around 1.5m t/y of aromatics, restarted operations last July after an 18-month shutdown.