Exxon Mobil (NYSE:XOM)
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6 Months : From May 2019 to Nov 2019
By Michael Dabaie
Exxon Mobil Corp. (XOM) and Saudi chemicals company Sabic said they would proceed with the construction of a chemical facility and a 1.8 million metric ton ethane steam cracker in San Patricio County, Texas.
The joint-venture between Exxon and Sabic, called Gulf Coast Growth Ventures, received final environmental regulatory approval in June 2019 to build an ethane steam cracker, two polyethylene units and a monoethylene glycol unit. Construction will begin in the third quarter of 2019 and startup is anticipated by 2022, the companies said.
The facility will produce materials used in the manufacturing of consumer products including automotive coolants, packaging, agricultural film and building, construction materials and clothing.
Project construction will be led by the Wood Group, McDermott and Turner Industries Group, Chiyoda and Kiewit, and Mitsubishi Heavy Industries and Zachry Group.
Ownership interests in the Gulf Coast Growth Ventures project is 50% Exxon and 50% Sabic, with Exxon as site operator. The investment would create 6,000 jobs during construction and 600 permanent jobs, the companies said.
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(END) Dow Jones Newswires
June 13, 2019 09:59 ET (13:59 GMT)
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