ExxonMobil and SABIC Sign Agreement for Next Phase of Proposed U.S. Petrochemical Project
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Agreement enables planning for front-end engineering and design work
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Follows recent selection of San Patricio County, Texas as proposed
project site
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Proposed project is part of ExxonMobil’s $20-billion Growing the Gulf
investment program
Affiliates of Exxon
Mobil Corporation (NYSE: XOM) and SABIC (Saudi Basic Industries
Corporation) signed an agreement today to conduct a detailed study of
the proposed Gulf Coast Growth Ventures project in Texas and begin
planning for front-end engineering and design work.
The agreement was signed during the Saudi-US CEO Forum in Riyadh in the
presence of Yousef Al-Benyan, SABIC vice chairman and chief executive
officer, and Philippe Ducom, president, chairman and chief executive
officer of ExxonMobil Saudi Arabia Inc. Also in attendance were Prince
Saud bin Abdullah bin Thenayan Al-Saud, SABIC chairman, and Darren W.
Woods, chairman and chief executive officer of Exxon Mobil Corporation.
“This agreement represents an important step in the progression of the
Gulf Coast Growth Ventures project,” said Ducom. “We have a long and
successful relationship with SABIC, which will be enhanced by this
potential project that will create value for our companies and our
communities.”
In April 2017, ExxonMobil and SABIC selected a site in San Patricio
County, Texas, for the proposed petrochemical complex that would include
an ethane steam cracker capable of producing 1.8 million tonnes of
ethylene per year, a monoethylene glycol unit and two polyethylene units.
The project is one of 11 major chemical, refining, lubricant and
liquefied natural gas projects associated with ExxonMobil’s Growing
the Gulf initiative in the United States that have been made
possible by the abundance of low-cost U.S. natural gas.
ExxonMobil’s projects, once completed and operating at mature levels,
are expected to have far-reaching and long-lasting benefits. Projects
planned or under way are expected to create more than 35,000
construction jobs and more than 12,000 full-time jobs.
ExxonMobil and SABIC have successfully collaborated on several
petrochemical joint ventures in Saudi Arabia, including the Al-Jubail
Petrochemical Company and Saudi Yanbu Petrochemical Company. Most
recently, the companies constructed world-scale specialty elastomers
facilities at the Al-Jubail joint venture complex to help meet the
growing demand for rubber-based industrial and automotive products.
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 www.twitter.com/exxonmobil.
CAUTIONARY STATEMENT: Statements of future events or conditions in this
release are forward-looking statements. Actual future results, including
project plans, schedules, costs and capacities could differ materially
due to changes in market conditions affecting the oil, gas and
petrochemical industries or long-term price levels for oil, gas, refined
products and petrochemicals; political or regulatory developments,
including the granting of required permits and any changes in
environmental laws; the occurrence and duration of economic recessions;
the actions of competitors; technical or operating factors; the outcome
of commercial negotiations; and other factors discussed under the
heading "Factors Affecting Future Results" in the Investors section of
our website (www.exxonmobil.com)
and in Item 1A of our most recent Form 10-K.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170520005003/en/
Copyright Business Wire 2017
Source: Business Wire
(May 20, 2017 - 8:00 AM EDT)
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