ExxonMobil has announced plans to invest in increasing crude oil capacity in the US.
It will expand its Beaumont refinery in Texas, boosting capacity by 20,000 barrels a day.
The facility currently processes 365,000 barrels of crude oil per day and produces 2.8 billion gallons of gas every year.
The company said the increase is being made possible mainly by abundant, affortable supplies of US light crude from shale.
It claims the expansion will also increase the refinery’s energy efficiency.
Jerry Wascom, president of ExxonMobil Refining and Supply Company said: “This project will grow our capacity and flexibility to process light crude oils. Building on the recent increases in domestic oil and gas production, this investment further strengthens the competitiveness of the company’s strategic assets in North America and enhances US energy security.”