ExxonMobil, SABIC to Proceed with Gulf Coast Growth Ventures Project
13 Juin 2019 - 3:00PM
Business Wire
- New facility to include 1.8 million
metric ton ethane steam cracker
- Investment to create 6,000 jobs during
construction, 600 permanent jobs
- Economic output to exceed $22 billion
during construction and $50 billion during first six years
ExxonMobil and SABIC today announced the decision to proceed
with the construction of a chemical facility and a 1.8 million
metric ton ethane steam cracker in San Patricio County, Texas,
leading to thousands of high-paying jobs and billions in economic
output.
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“Building the world’s largest steam cracker, with
state-of-the-art technology, on the doorstep of rapidly growing
Permian production gives this project significant scale and
feedstock advantages,” said Darren W. Woods, chairman and chief
executive officer of ExxonMobil. “It is one of several key projects
that provide the foundation for significantly increasing the
company’s earnings potential.”
The joint-venture between ExxonMobil and SABIC, called Gulf
Coast Growth Ventures, received final environmental regulatory
approval in June 2019 to build an ethane steam cracker, two
polyethylene units and a monoethylene glycol unit. Construction
will begin in the third quarter of 2019 and startup is anticipated
by 2022.
“SABIC is very pleased to move forward on this third joint
venture with ExxonMobil – the first to be operated outside of Saudi
Arabia,” said SABIC vice chairman and CEO Yousef Al-Benyan. “This
project will not only increase global diversification for our
company, but will also continue to create value within our new home
of San Patricio County through creating jobs and supporting
economic growth. With this project, we look forward to further
building our business presence in the U.S. and serving the
communities and customers in the North and South American markets
even more effectively.”
The project is expected to create more than 600 permanent jobs
with average annual salaries of $90,000 per year. An additional
6,000 high-paying jobs will be created during construction. A
preliminary independent study, conducted by Impact DataSource,
estimates the project will generate more than $22 billion in
economic output during construction and $50 billion in economic
benefits during the first six years of operation.
The facility will produce materials used in the manufacturing of
various consumer products including automotive coolants, packaging,
agricultural film and building, construction materials and
clothing.
Project construction will be led by four primary engineering,
procurement and construction companies: The Wood Group, McDermott
& Turner Industries Group, Chiyoda & Kiewit and Mitsubishi
Heavy Industries & Zachry Group.
Gulf Coast Growth Ventures is a unique opportunity created by
the abundance of low cost U.S. natural gas, and is part of
ExxonMobil’s Growing the Gulf initiative, which outlined plans to
build and expand manufacturing facilities along the U.S. Gulf
Coast, creating more than 45,000 high-paying jobs across the
region.
The project is part of SABIC’s growth strategy to build new
petrochemical facilities in key markets, including the Americas, to
address industry demand and achieve the company’s 2025
strategy.
Ownership interests in the Gulf Coast Growth Ventures project is
50 percent ExxonMobil and 50 percent SABIC, with ExxonMobil as site
operator. ExxonMobil and SABIC bring unmatched expertise to this
project, having worked together in petrochemical ventures for more
than 35 years. The Gulf Coast Growth Ventures project expands that
successful international relationship.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter at
www.twitter.com/exxonmobil.
About SABIC
SABIC is a global leader in diversified chemicals headquartered
in Riyadh, Saudi Arabia. SABIC manufactures on a global scale in
the Americas, Europe, Middle East and Asia Pacific, making
distinctly different kinds of products: chemicals, commodity and
high performance plastics, agri-nutrients and metals. SABIC
supports customers by identifying and developing opportunities in
key end markets such as construction, medical devices, packaging,
agri-nutrients, electrical and electronics, transportation and
clean energy. To learn more, visit www.sabic.com.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans,
schedules, and capacities; cost savings and efficiencies; growth in
earnings potential; integration benefits and other business
results; and economic impacts could differ materially due to
factors such as changes in prices of oil, gas, or petrochemicals
and other market factors affecting the petrochemical industry and
the supply and demand for our products; the occurrence and duration
of economic recessions; timely completion of construction projects;
unforeseen technical or operating difficulties; legal or regulatory
events; the outcome of commercial negotiations; the actions of
competitors; and other factors discussed under the heading Factors
Affecting Future Results on the Investors page of our website at
exxonmobil.com. References to earnings potential do not represent
forecasts of actual future earnings which will depend in part on
the factors noted above.
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ExxonMobil Media Relations972-940-6007
SABIC Media Relations812-205-4359
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