Inspenet, October 2, 2023.
ExxonMobil is in a process of diversifying its operations due to environmental challenges and the transition towards more sustainable energy sources that are impacting the demand for fossil fuels.
[post_relacionado]In this sense, the American company has recognized the importance of adapting and transforming in response to the decrease in fuel demand, largely attributable to the growth of the electric vehicle market. and in this regard, its vice president mentioned:
“We are planning to modify some of that gasoline production to distillate and chemical feed. We have projects that we know we will do to take those steps.”.
Exxon’s strategic change
In an effort to adapt to a changing landscape, ExxonMobil is redirecting its focus toward producing higher-value products derived from crude oil such as lubricants and raw materials for plastics. In addition, the company is betting on biodiesel, which has economic advantages by allowing the reconfiguration of its current refineries at a cost approximately half of building a new plant.
The demand for biodiesel is anticipated to increase considerably, quadrupling to 9 million barrels per day by 2050. Additionally, ExxonMobil plans to focus more on diesel, especially in freight transportation, as they believe this area could be less exposed to the threat of electrification. These clear signs indicate that we are in the midst of a significant energy shift, a shift that even big oil companies are aware of and are preparing to address.