ExxonMobil Chemical Company and Saudi Arabia-based SABIC selected a site in Texas for the development of a giant petrochemical complex on the U.S. Gulf Coast, the companies announced on Wednesday.
Both companies proclaimed that the complex would generate over $22 billion in economic output during the construction phase and more than $50 billion during the first six years of operation, according to the press release.
The site for the proposed multibillion-dollar investment was selected in San Patricio County, Texas.
The proposed multibillion dollar investment would include a world-scale ethane steam cracker capable of producing 1.8 million tonnes of ethylene per year, which would feed into a monoethylene glycol unit and two polyethylene units.
ExxonMobil anticipates that the project will be able to create thousands of jobs during the construction phase, as well as 600 new, full-time jobs and 3,500 indirect jobs during its operation.
ExxonMobil and SABIC will now apply for the necessary air and wastewater permits from the Texas Commission on Environmental Quality, according to the press release.
“Texas has shown the business world that our state is the place where innovation and ingenuity thrive,” said Texas Governor Greg Abbott.
“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,” Abbott added.
The ExxonMobil Chemical Company is one of the largest petrochemical companies worldwide. It holds leadership positions in some of the largest-volume and highest-growth commodity petrochemical products in the world.
SABIC ranks among the world’s top petrochemical companies and is among the world’s market leaders in the production of polyethylene, polypropylene, advanced thermoplastics, glycols, methanol and fertilizers.
By Muhsin Baris Tiryakioglu