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.
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