Exxon Mobil plans $10B petrochemical plant near Texas coast

Exxon Mobil plans $10B petrochemical plant near Texas coast

Exxon Mobil Corp. and a Saudi partner plan to build a multi-billion dollar petrochemical plant near the Texas coast, Texas' governor said Wednesday.

The proposed multibillion-dollar investment would include an ethane steam cracker capable of producing almost 2 million tons of ethylene a year.

ExxonMobil and SABIC's plant will produce components used to manufacture polyester, antifreeze, plastic bottles and food packaging products for emerging global markets.

The proposed project, jointly owned by Saudi Basic Industries Corp., aka SABIC, is to be sited in San Patricio County in South Texas, feeding a monoethylene glycol unit and two polyethylene units.

In January, SABIC's CEO Yousef Abdullah Al-Benyan said his company would probably make an announcement about the ethylene project in the second quarter of this year. "This record-breaking project illustrates that our business climate is exactly what leading and growing companies are seeking when investing in their future".

Gov. Greg Abbott said the state is offering a combined $6.35 million from its enterprise fund for the project, which he hailed as the largest capital investment during his tenure to receive tax incentives.

The proposed facility could generate thousands of jobs during the construction phase, and once in operation it would provide 600 full-time jobs and 3,500 indirect jobs.

But the project has also generated criticism. After tax credits and rebates are subtracted, the company's Louisiana operations have paid more than $1 billion in state and local taxes during the past decade, Pierson says.

Many residents have voiced concern about the plant being built in San Patricio county because of the close proximity to Gregory-Portland High School.

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