The Strategist

ExxonMobil, SABIC to build a petrochemical plant in the United States


06/14/2019 - 09:58



American oil and gas company ExxonMobil and Saudi Basic Industries Corporation (SABIC) Petrochemical Corporation of Saudi Arabia will build a petrochemical plant in the US and the world's largest ethane steam cracking unit, the joint release of the companies says.



Brian Katt
Brian Katt
"ExxonMobil and SABIC today announced a decision to begin construction of a chemical plant and ethane steam cracking unit with a capacity of 1.8 million tons in San Patricio County, Texas," the release said.

"Creating the world's largest steam cracking unit using the most modern technologies against the background of the rapid growth of production in the Permian basin gives this project high importance and guarantees availability of raw materials," says a message of Head of ExxonMobil, Darren Woods.

According to preliminary estimates, the economic benefit from the project can reach $ 50 billion in the first six years of operation. Construction will begin in the third quarter of 2019, and the launch is expected in 2022.

The company will produce materials used in the production of various consumer goods, including automotive coolants, packaging materials, building materials and clothing.

"As part of this project, we look forward to further strengthening our presence in the United States and even more efficiently serving communities and customers in the markets of North and South America," said SABIC General Director Yousef Al-BeƱyan, whose words appear in the release.

source: bloomberg.com




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