ExxonMobil brings Saudi partner to US petrochemical facility

ExxonMobil brings Saudi partner to US petrochemical facility

ExxonMobil (NYSE:XOM) and SABIC (Saudi Basic Industries Corporation) have signed an agreement which will see planning commence for a petrochemicals project in Texas.

Both companies selected a site in San Patricio County last month, for the proposed petrochemical complex, that will process 1.8 million tonnes of petrochemical products per year.

The project is one of 11 major chemical, refining, lubricant and liquefied natural gas projects in ExxonMobil’s regional ‘Growing the Gulf’ initiative, which draws on the abundance of US shale assets.

The agreement was announced following US President Donald Trump’s recent visit to Riyadh, and was signed by SABIC’s vice chairman and CEO Yousef Al-Benyanand and Philippe Ducom, president, chairman and CEO of ExxonMobil Saudi Arabia.

“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.”

ExxonMobil said the deal with SABIC would add to projects which are expected to create 12,000 full-time jobs.

@RGNonline