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The Port of Rotterdam has announced that ground has been broken on ExxonMobil's project to develop a new hydrocracker: an investment of more than one billion dollars.

"A wonderful moment," said Allard Castelein, CEO of the Port of Rotterdam Authority. "It underscores ExxonMobil’s confidence in our port and industrial complex. It also sends out a positive signal that investment in the refinery and petrochemical sectors in the port of Rotterdam is competitive."

ExxonMobil announced in October 2015 its plans to expand the hydrocracker unit at its Rotterdam refinery to upgrade heavier by-products into cleaner, higher-value finished products.

Operated by Esso Nederland BV, the new hydrocrack will use ExxonMobil's proprietary hydrocracking technology and will be the first to produce EHC Group II base stocks in Europe.

The innovative hydrocracking technology allows ExxonMobil to respond to growing market demand for ultra-low-sulphur fuels such as diesel and kerosene and base oils from semi-finished products with high sulphur content.

In addition to the construction of the new hydrocracker and modification of the existing unit, there will also be further investment in expansion with six new tanks which are expected to be operational in 2018, raising the storage capacity by 140,000 cubic metres.

Already one of the most energy-efficient refineries in Europe, the new investment will increase the plant's efficiency by a further 5 percent.

Rotterdam Port Authority is keen to support the activities of ExxonMobil; the International Energy Agency predicts that the economy will still depend on fossil fuels for three quarters of its energy needs in 25 years. However, the port also recognises that the energy sector is in transition and the port authority will encourage next-generation renewable energy and the development of bio-based industries.