Exxon Mobil plans multi-billion dollar plant near Texas Gulf

Exxon Mobil plans multi-billion dollar plant near Texas Gulf

Exxon Mobil plans multi-billion dollar plant near Texas Gulf

Though the state lost the ethane cracker plant, Pierson points to projects like Sasol's $11 billion ethylene and chemical derivatives complex in Lake Charles and Lotte Chemical's recent decision to move its headquarters from Texas to Louisiana as examples that show Louisiana is a top destination for energy projects.

The project will be a venture involving Exxon and Saudi Arabia Basic Industries Corp.

ExxonMobil Chemical Company and SABIC each announced the selection of a site in San Patricio County, Texas for potential development of a jointly owned petrochemical complex on the U.S. Gulf Coast.

"We are focused on geographic diversification to supply new markets", said SABIC CEO Yousef Abdullah Al-Benyan.

SABIC is keen to invest overseas to diversify its risks and improve its access to foreign markets. We wish to thank local and state officials who have been instrumental in the site selection process, as well as everyone in the community who attended meetings to learn more about the project and provided us with constructive feedback.

Many residents have voiced concern about the plant being built in San Patricio county because of the close proximity to Gregory-Portland High School.

The economic forecast for this project indicates the multi-billion-dollar investment would create significant benefits for the South Texas region and beyond, generating thousands of jobs and stimulating positive economic growth.

Permitting to begin construction will take about a year if filing with the Texas Commission on Environmental Quality begins this month as expected. Each company would make a final investment decision about the facility once the required permits have been granted.

Today's decision ended months of speculation about which state would win the project, for which ExxonMobil and SABIC also reportedly considered sites in Ascension and St. James parishes. Proximity to the port of Corpus Christi and railroad networks and the area's large workforce contributed to the company's choice of location.

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