ExxonMobil plans invest $20 bn in US Gulf region

ExxonMobil plans to invest $20 bn in US Gulf region

9:50 AM, 7th March 2017
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HOUSTON, US: ExxonMobil Corporation is expanding its manufacturing capacity along the US Gulf Coast through planned investments of $20 billion over a 10-year period to take advantage of the American energy revolution, Darren Woods, chairman and CEO, said.

The projects, at 11 proposed and existing sites, are expected to generate thousands of new high-paying jobs and $20 billion in increased economic activity in Texas and Louisiana, Woods said.

“The US is a leading producer of oil and natural gas, which is incentivizing US manufacturing to invest and grow,” said Woods. “We are using new, abundant domestic energy supplies to provide products to the world at a competitive advantage resulting from lower costs and abundant raw materials. In this way, an upstream technology breakthrough has led to a downstream manufacturing renaissance.”

ExxonMobil is strategically investing in new refining and chemical manufacturing projects in the US Gulf Coast region to expand its manufacturing and export capacity. The company’s Growing the Gulf expansion program consists of 11 major chemicals, refining, lubricant and liquefied natural gas projects at proposed new and existing facilities along the Texas and Louisiana coasts. Investments began in 2013 and are expected to continue through at least 2022.

Woods said that ExxonMobil’s Gulf expansion projects are expected to provide long-term economic benefits to the region, noting the creation of direct employment opportunities and the multiplier effects of the company’s investments.

“Importantly, Growing the Gulf also creates jobs and lasting economic benefits for the communities where they’re located,”. “All told, we expect these 11 projects to create over 45,000 jobs. Many of these are high-skilled, high-paying jobs averaging about $100,000 a year. And these jobs will have a multiplier effect, creating many more jobs in the communities that service these new investments.” Woods said

“These projects are export machines, generating products that high-growth nations need to support larger populations with higher standards of living.  Those overseas markets are the motivation behind our investments. The supply is here; the demand is there. We want to keep connecting those dots,” Woods concluded.

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