Chemical

ExxonMobil and SABIC to build chemical facility in Texas

EXXONMOBIL and SABIC have announced the construction of a chemical facility and an ethane steam cracker in Texas, US.

The facility will produce materials that will be used in the manufacture of various products such as automotive coolants, packaging, and construction materials. It will include a 1.8m t/y ethane steam cracker, two polyethylene units, and a monoethylene glycol unit.

The joint venture between ExxonMobil and SABIC is known as Gulf Coast Growth Ventures. The JV is part of ExxonMobil’s “Growing the Gulf” initiative which intends to build and expand facilities along the Gulf Coast. It is also part of SABIC’s growth strategy to build new petrochemical facilities in other markets.

Construction is due to begin in the third quarter of 2019 and startup is expected in 2022. The construction will be led by The Wood Group, McDermott & Turner Industries Group, Chiyoda & Kiewit and Mitsubishi Heavy Industries & Zachry Group.

“Building the world’s largest steam cracker, with state-of-the-art technology, on the doorstep of rapidly-growing Permian production gives this project significant scale and feedstock advantages,” said Darren W Woods, Chairman and Chief Executive Officer of ExxonMobil.

“SABIC is very pleased to move forward on this third joint venture with ExxonMobil – the first to be operated outside of Saudi Arabia,” said SABIC Vice Chairman and CEO Yousef Al-Benyan.(Source)

Get complete information on its finances @ https://www.marketscreener.com/EXXON-MOBIL-CORPORATION-4822/

About SABIC

SABIC is a global leader in diversified chemicals headquartered in Riyadh, Saudi Arabia. SABIC manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals. SABIC supports customers by identifying and developing opportunities in key end markets such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. To learn more, visit www.sabic.com.

Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, and capacities and efficiency and business results, could differ materially due to factors such as changes in prices of oil, gas, or petrochemicals and other market factors affecting the chemical industry and the supply and demand for our products; the occurrence and duration of economic recessions; timely completion of construction projects and unforeseen technical or operating difficulties; legal or regulatory events; the actions of competitors; and other factors discussed under the heading Factors Affecting Future Results on the Investors page of our website at www.exxonmobil.com.

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