SABIC and ExxonMobil Advance Gulf Coast Project with Creation of a New Joint Venture
May 01 2018 - 3:46PM
Business Wire
SABIC and ExxonMobil said today that they have created a new
joint venture to advance development of the Gulf Coast Growth
Ventures project, 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.
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“We are very pleased to announce the creation of what is now
planned to be the third joint venture between our two companies,”
said SABIC vice chairman and CEO Yousef Al-Benyan. “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 San Patricio County, Texas,”
Al-Benyan stated.
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.
“The new joint venture expands our long relationship with SABIC
and builds on the success of several other joint projects,” said
John Verity, president of the ExxonMobil Chemical Company. “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.”
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.
NOTES TO EDITORS
• SABIC and brands marked with ™ are trademarks of SABIC or its
subsidiaries or affiliates.
• SABIC should be written in every instance in all
uppercase.
About SABIC
SABIC is a global leader in diversified chemicals headquartered
in Riyadh, Saudi Arabia. We manufacture 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.
We support our 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.
SABIC recorded a net profit of SR 18.4 billion (US$ 4.9 billion)
in 2017. Sales revenues for 2017 totaled SR 149.8 billion (US$ 39.9
billion). Total assets stood at SR 322.5 billion (US$ 86 billion)
at the end of 2017. Production in 2017 stood at 71.2 million metric
tons.
SABIC has more than 34,000 employees worldwide and operates in
more than 50 countries. Fostering innovation and a spirit of
ingenuity, we have 11,534 global patent filings, and have
significant research resources with innovation hubs in five key
geographies – USA, Europe, Middle East, South Asia and North
Asia.
The Saudi Arabian government owns 70 percent of SABIC shares
with the remaining 30 percent publicly traded on the Saudi stock
exchange.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
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
business results, could differ materially due to factors such as
changes in prices of oil, gas or petrochemicals and other market
factors affecting the petrochemical industry and the supply and
demand for our products; political or regulatory developments,
including the granting of required permits and any changes in
environmental laws; timing of funding decisions and project
construction; the occurrence and duration of economic recessions;
the actions of competitors; unforeseen technical or operating
difficulties; the outcome of commercial negotiations; and other
factors discussed under the heading "Factors Affecting Future
Results" in the Investors section of our website
(www.exxonmobil.com) and in Item 1A of our most recent Form
10-K.
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version on businesswire.com: https://www.businesswire.com/news/home/20180501006749/en/
SABICRiyad Al-Faiz, +966 11 225
9453alfaiz@sabic.comorExxonMobilMedia Relations, 832-625-4000
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