USA/Saudi Arabia: Petrochemicals Exxon and Sabic Sign Agreement for US-Petrochemicals Project
Affiliates of Exxon Mobil Corporation and Sabic signed an agreement to conduct a detailed study of the proposed Gulf Coast Growth Ventures project in Texas and begin planning for front-end engineering and design work.
Riyadh/Saudi Arabia — The agreement was signed during the Saudi-US CEO Forum in Riyadh in the presence of Yousef Al-Benyan, Sabic vice chairman and chief executive officer, and Philippe Ducom, president, chairman and chief executive officer of Exxon Mobil Saudi Arabia. Also in attendance were Prince Saud bin Abdullah bin Thenayan Al-Saud, Sabic chairman, and Darren W. Woods, chairman and chief executive officer of Exxon Mobil Corporation.
“This agreement represents an important step in the progression of the Gulf Coast Growth Ventures project,” said Ducom. “We have a long and successful relationship with Sabic, which will be enhanced by this potential project that will create value for our companies and our communities.”
In April 2017, Exxon Mobil and Sabic selected a site in San Patricio County, Texas, for the proposed petrochemical complex that would include an ethane steam cracker capable of producing 1.8 million tonnes of ethylene per year, a monoethylene glycol unit and two polyethylene units.
The project is one of eleven major chemical, refining, lubricant and liquefied natural gas projects associated with Exxon Mobil’s Growing the Gulf initiative in the United States. Projects planned or under way are expected to create more than 35,000 construction jobs and more than 12,000 full-time jobs.
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Both companies have already collaborated on several petrochemical joint ventures in Saudi Arabia, including the Al-Jubail Petrochemical Company and Saudi Yanbu Petrochemical Company. Most recently, the companies constructed world-scale specialty elastomers facilities at the Al-Jubail joint venture complex to help meet the growing demand for rubber-based industrial and automotive products.