Exxon Mobil has announced planned investments of $ 20 billion over a 10-year period along the U.S. Gulf Coast.
Houston/USA — The projects, at 11 proposed and existing sites, are expected to generate over 45,000 new jobs and $ 20 billion in increased economic activity in Texas and Louisiana, Darren Woods, chairman and chief executive officer said at the Cera Week 2017 conference.
“The United States is a leading producer of oil and natural gas, which is incentivizing U.S. manufacturing to invest and grow,” said Woods. The company is strategically investing in new refining and chemical-manufacturing projects in the U.S. Gulf Coast region to expand its manufacturing and export capacity. The large-scale expansion program consists of 11 major chemical, 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 the 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.
According to the American Chemistry Council, chemical manufacturing is one of America’s top exporting industries, accounting for 14 % of overall U.S. exports in 2015, and exports of specific chemicals linked to shale gas are projected to reach $ 123 billion by 2030. Most of the planned new chemical capacity investment in the Gulf region is targeted toward export markets in Asia and elsewhere.