US oil giant ExxonMobil is preparing to spend more than £500m on a major overhaul of the Fawley refinery.
If approved by local authorities, the half a billion pound upgrade would enable the refinery to produce more high-quality diesel from new oil processing units, and extend the life of the facility.
Located on the south coast of England Fawley processes around 270,000 barrels of crude oil a day, fueling around one in six British vehicles.
Work has already begun on clearing the site for the planned units which will sit within the 3,000 acre Fawley refinery.
Speaking to the Financial Times refinery manager Simon Downing said: “We see a long-term future for Fawley and we’re looking to make a significant investment in the site,”
“This is not a paper exercise, we already have a big team working on this.