FT: ExxonMobil to pump $1bn into Europe

ExxonMobil is to invest more than $1bn in its refinery in Antwerp, Belgium, in a rare vote of confidence in a beleaguered European industry hit by weak demand and competition from lower-cost US fuels.

The US oil major plans to build a new coker to convert heavy oil into diesel and marine fuel, a market it believes will grow in Europe over the coming decades even as demand for petrol declines.

Exxon also urged EU governments not to block imports of heavy crude from Canada’s oil sands, which have been a target of environmental campaigners.
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