ExxonMobil and SABIC Sign Agreement for Next Phase of Proposed U.S. Petrochemical Project
May 20 2017 - 8:00AM
Business Wire
- Agreement enables planning for
front-end engineering and design work
- Follows recent selection of San
Patricio County, Texas as proposed project site
- 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.
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