Exxon Partnering With Saudi Basic Industries To Develop Texas Petrochemical Plant

By John Heerdink LinkedIn

This week, Exxon Mobil Corporation (XOM) and Saudi Basic Industries Corp announced their 50-50 Joint Venture to construct a petrochemical plant in Texas worth $9 billion. The new venture named as Gulf Coast Growth Ventures to be equipped to produce 1.8 million metric tons a year and store mono-ethylene glycol unit and two polyethylene units. The venture to be located at the north of Corpus Christi is expected to come into operation by 2022.

As reported by the company, the plant to generate 600 permanent jobs and produce consumer products like automotive coolants, packaging and construction materials at the facility. Wood Group, McDermott & Turner Industries Group, Chiyoda & Kiewit, Mitsubishi Heavy Industries and Zachry Group to lead the construction.

Exxon Mobil Corporation (XOM) explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene, and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products. To learn more about ExxonMobil Corporation (XOM) and to continue to track its progress please visit the Vista Partners ExxonMobil Corp. Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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Exxon Mobil, SABIC to start construction of $9 bln petrochemical plant in Texas

Exxon Mobil Corp and Saudi Basic Industries Corp said on Thursday they would start construction of a $9 billion petrochemical plant in Texas in the third quarter that would have the world’s largest ethane processing capacity. The 50/50 joint venture, called Gulf Coast Growth Ventures, will have..

finance.yahoo.com

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