Affiliates of Exxon Mobil Corporation and SABIC signed an agreement during the Saudi-US CEO Forum in Riyadh in the presence of Yousef Al-Benyan, vice chairman and CEO, SABIC, and Philippe Ducom, president, chairman and CEO, ExxonMobil Saudi Arabia Inc. 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.
This agreement represents an important step in the progression of the Gulf Coast Growth Ventures project, said Ducom. They have a long and successful relationship with SABIC, which will be enhanced by this potential project that will create value for their companies and 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 the 11 major chemical, refining, lubricant and liquefied natural gas projects associated with ExxonMobil’s ‘Growing the Gulf’ initiative in the US that have been made possible by the abundance of low-cost US natural gas.
ExxonMobil’s projects, once completed and operating at mature levels, are expected to have far-reaching and long-lasting benefits.
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.
Projects planned or under way are expected to create more than 35,000 construction jobs and more than 12,000 full-time jobs.
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