Exxon Mobil to Invest $20 Billion in U.S. Gulf Coast Refining and Chemical Projects
Published: March 15, 2017 |
Oil and gas company Exxon Mobil has announced plans to invest $20bn in its refining and chemical manufacturing projects in the US Gulf Coast through 2022.
Exxon Mobil CEO and Chairman Darren Woods said that the firm intends to expand its manufacturing and export capacity at 11 proposed and existing sites located in the US Gulf Coast.
The investments, which began in 2013, are expected to create about 35,000 temporary construction jobs and 12,000 permanent jobs.
Woods said during the CERAWeek 2017 conference: “We are using new, abundant domestic energy supplies to provide products to the world at a competitive advantage resulting from lower costs and abundant raw materials. In this way, an upstream technology breakthrough has led to a downstream manufacturing renaissance.”
Exxon said that the investments at the 11 chemical, refining, lubricant and liquefied natural gas projects along the Texas and Louisiana coasts, are expected to provide long-term economic benefits in the regions.
Woods said: “These projects are export machines, generating products that high-growth nations need to support larger populations with higher standards of living.”
According to the American Chemistry Council, chemical manufacturing has accounted for 14 percent of overall exports in the US in 2015.
It also estimated that the exports of specific chemicals linked to shale gas could reach $123bn by 2030.
ExxonMobil said that its planned new chemical capacity investment is targeted towards export markets in Asia, among others.
Woods added: “Exxon Mobil is building a manufacturing powerhouse along the US Gulf Coast.
“These businesses are leveraging the shale revolution to manufacture cleaner fuels and more energy-efficient plastics.”
Recently, the company said it plans to startup five major upstream projects in 2017 and 2018. These projects are expected to contribute an additional working-interest production capacity of 340,000 oil-equivalent barrels per day.
Source: (March 7, 2017) Energy Business Review
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