ExxonMobil, SABIC to set up petrochem complex

The proposed project on the US Gulf Coast, one of 11 ExxonMobil Chemical Company

announced as part of its 10-year, $20 billion Growing the Gulf initiative, is expected to create thousands of jobs during the construction phase, as well as 600 new, full-time jobs and 3,500 indirect jobs during operations. It is also expected to generate more than $22 billion in economic output during the construction phase and more than $50 billion in economic output during the first six years of operations.

“This decision represents a significant milestone for both the local community and the state of Texas. We will continue listening to local residents and businesses and look forward to continuing to work together,” said Neil Chapman, president of ExxonMobil Chemical Company.

With site selection completed, ExxonMobil and SABIC will now apply for the necessary air and wastewater permits from the Texas Commission on Environmental Quality. Each company will make a final decision on the investment after the required permits have been granted.

“We are focused on geographic diversification to supply new markets. The proposed venture would capture competitive feedstock, capitalise on the growing global demand for ethylene-based products, and reinforce SABIC’s strong position in the value chain,” said SABIC vice chairman and CEO Yousef Abdullah Al-Benyan.

“Texas has shown the business world that our state is the place where innovation and ingenuity thrive. “This decision by SABIC and ExxonMobil is a tremendous win for not just San Patricio County, but for the entire state of Texas. This record-breaking project illustrates that our business climate is exactly what leading and growing companies are seeking when investing in their future,” said Texas Governor Greg Abbott. (SV)

Fibre2Fashion News Desk – India