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ExxonMobil recently announced that it will be expanding its manufacturing capacity along the U.S. Gulf Coast through planned investments of $20 billion over a 10-year period. The projects, at 11 proposed and existing sites, are expected to generate 45,000 new jobs and increased economic activity in Texas and Louisiana.
"The United States is a leading producer of oil and natural gas, which is incentivizing U.S. manufacturing to invest and grow," said Darren Woods, chairman and chief executive officer. "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's Growing the Gulf expansion program consists of 11 major chemical, refining, lubricant and liquefied natural gas 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.
According to the American Chemistry Council, chemical manufacturing is one of America's top exporting industries, accounting for 14 percent of overall U.S. exports in 2015. Exports of specific chemicals linked to shale gas are projected to reach $123 billion by 2030. 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."
For more information, visit www.exxonmobil.com.