July 16, 2018
Exxon Mobil acquired 93 acres on Baker Road in Baytown, TX. The land, which comprises two tracts of 55 acres and 38 acres, is adjacent to the energy company’s Baytown refinery. New York-based SI Group Inc., a chemical company, sold the land to Exxon for an undisclosed amount. The new owner doesn’t have immediate plans for the land’s use.
Industry sources indicate that it isn’t unusual for energy companies to acquire land situated next to existing refineries and operations. Such actions ensure there aren’t future liabilities with next-door competition. Additionally, it means room for expansion, as well as creation of potential buffer zones.
Exxon Mobil indicated in early 2018 that it would invest $50 billion over the next five years in improving its U.S. operations.
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