ExxonMobil Plans to Expand Its Refineries

ExxonMobil, the world’s biggest oil refiner, and rivals such as Saudi Aramco and Total plan at least $11 billion of refinery additions as worldwide demand pushes gasoline prices to a record.

The projects include a $4.3 billion refinery and chemical plant on Saudi Arabia’s Red Sea coast by Saudi Aramco and Sumitomo Chemical. ExxonMobil, Aramco and China Petroleum & Chemical Corporation, China’s largest refiner, are spending $3.5 billion to triple the size of an oil refinery and build a chemical plant in Fujian province.