ExxonMobil Corp. has announced plans to expand its manufacturing capacity along the US Gulf Coast.
The company’s Chairman and CEO, Darren Woods, has confirmed that the company will invest US$20 billion over a 10-year period to take advantage of the US energy revolution.
The projects, at 11 proposed and existing sites, are expected to generate thousands of new high-paying jobs and US$20 billion in increased economic activity in Texas and Louisiana.
Woods said: “The United States is a leading producer of oil and natural gas, which is incentivising US manufacturing to invest and grow […] 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.”
ExxonMobil is strategically investing in new refining and chemical-manufacturing projects in the US Gulf Coast region to expand its manufacturing and export capacity. The company’s ‘Growing the Gulf’ expansion programme consists of 11 major chemical, refining, lubricant and LNG projects at proposed new and existing facilities along the Texas and Louisiana coasts. Investments began in 2013 and are expected to continue through at least 2022.
Woods added: “Importantly, ‘Growing the Gulf’ also creates jobs and lasting economic benefits for the communities where they’re located […] All told, we expect these 11 projects to create over 45 000 jobs. Many of these are high-skilled, high-paying jobs averaging about US$100 000 a year. And these jobs will have a multiplier effect, creating many more jobs in the communities that service these new investments.”
Most of ExxonMobil’s planned new chemical capacity investment in the Gulf region is targeted toward export markets in Asia and elsewhere.
“These projects are export machines, generating products that high-growth nations need to support larger populations with higher standards of living,” Woods said. “Those overseas markets are the motivation behind our investments. The supply is here; the demand is there. We want to keep connecting those dots.”
Read the article online at: https://www.hydrocarbonengineering.com/refining/08032017/exxonmobil-to-invest-in-us-gulf-coast/