ExxonMobil, SABIC Form Joint Venture to Advance Gulf Coast Project

Noria news wires

ExxonMobil and SABIC recently announced a new joint venture to advance development of the Gulf Coast Growth Ventures project, a 1.8-million-ton ethane cracker currently planned for construction in San Patricio County, Texas. The facility will also include a monoethylene glycol unit and two polyethylene units.

"We are very pleased to announce the creation of what is now planned to be the third joint venture between our two companies," said SABIC vice chairman and CEO Yousef Al-Benyan. "We look forward to the next phase of the project, which supports not only our goals for global diversification but also supports Saudi Vision 2030. In addition, we are proud of the role the project will play in enhancing the economic profile of San Patricio County, Texas."

SABIC is also the operating partner for two long-standing joint ventures with ExxonMobil in Saudi Arabia, Kemya in Jubail and Yanpet in Yanbu. Creation of the new joint venture represents a milestone that allows the two companies to continue advancing the project, which is expected to create 600 new, permanent jobs and nearly 3,500 indirect and induced jobs during operations, as well as 6,000 construction jobs during the peak of construction.

"The new joint venture expands our long relationship with SABIC and builds on the success of several other joint projects," said John Verity, president of the ExxonMobil Chemical Co. "The project will create value not only for both of our companies, but for the surrounding communities through the creation of jobs and economic growth. We appreciate the support we’re receiving and look forward to continuing our conversations with San Patricio County residents and businesses as we progress."

Construction of the project is pending completion of the environmental permitting process. The plant is expected to be operational in the 2021-2022 timeframe.

For more information, visit www.exxonmobil.com.

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