Photo: Business Wire

U.S. energy company ExxonMobil has announced the opening of its expanded chemical plant in Singapore that will be able to process crude oil, as well as other commodities. The expansion of the chemical complex includes more than 40 new technologies that allow the facility to be flexible and respond to varying market demand, ExxonMobil said.

While chemical companies typically use refined products as feedstock, such as naphtha, the new ExxonMobil crude cracker will reduce costs by eliminating several stages of the process. It will allow the company to produce petrochemical products without the involvement of other parties and transportation.

After the expansion the Singaporean chemical facility has doubled its capacity, making this the largest expansion project in the company's history, ExxonMobil said in a statement.

RELATED: Natural gas to become second largest energy source by 2040, ExxonMobil VP says

According to Rex Tillerson, chairman and chief executive officer of Exxon Mobil Corporation, global chemical demand is set to rise rapidly over the next few years, as economies grow and people increase the amount of money they spend on household goods and packaged goods. About two-thirds of this increase in demand is expected to take place in the Asia-Pacific region, which explains the choice of Singapore for the facility expansion.

At the opening ceremony, Leo Yip, chairman of the Singapore Economic Development Board, commented that the new capacity at the facility will enable Singapore to maintain its position as a chemical and energy hub and will help attract further investment to the country.