ExxonMobil, Sabic form JV US petrochemical project
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ExxonMobil, Sabic form JV for US petrochemical project

5:47 AM, 2nd May 2018
ExxonMobil, Sabic logo

RIYADH, SAUDI ARABIA/SPRING, US: ExxonMobil Corporation and Sabic have created a new joint venture to advance the development of the Gulf Coast Growth Ventures project. The project is a 1.8 million tonne ethane cracker currently planned for construction in San Patricio County, Texas.

The facility will also include a monoethylene glycol unit and two polyethylene units.

Sabic is the operating partner for two long-standing joint ventures with ExxonMobil in the Kingdom of Saudi Arabia, Kemya in Jubail and Yanpet in Yanbu.

Creation of the new joint venture represents a key milestone that allows the two companies to continue advancing the project, which is expected to create 600 new, permanent jobs, about 3,500 indirect and induced jobs during operations, as well as 6,000 construction jobs during the peak of construction.

Construction of the project, announced in 2016, is pending completion of the environmental permitting process. The plant is expected to be operational in the 2021-2022 timeframe.

“We are very pleased to announce the creation of what is now planned to be the third joint venture between our two companies. We look forward to the next phase of the project, which supports not only our goals for global diversification but also supports Saudi Vision 2030. In addition, we are proud of the role the project will play in enhancing the economic profile of Texas,” said Yousef Al-Benyan, vice chairman and CEO, Sabic.

“The new joint venture expands our long relationship with Sabic and builds on the success of several other joint projects. The project will create value not only for both of our companies but for the surrounding communities through the creation of jobs and economic growth. We appreciate the support we’re receiving and look forward to continuing our conversations with San Patricio County residents and businesses as we progress,” added John Verity, president of the ExxonMobil Chemical Company.

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