ExxonMobil to invest $20b to expand manufacturing in US Gulf Region
ExxonMobil Corporation is expanding its manufacturing capacity along the US Gulf Coast through planned investments of $20b over a 10-year period to take advantage of the American energy revolution.
The projects, at 11 proposed and existing sites, are expected to generate thousands of new high-paying jobs and $20b in increased economic activity in Texas and Louisiana, Chairman and Chief Executive Officer, Darren Woods said, highlighting the company’s ‘Growing the Gulf’ initiative in a keynote speech at the CERAWeek 2017 conference.
“The United States is a leading producer of oil and natural gas, which is incentivising U.S. manufacturing to invest and grow,” he said. “We are using new, abundant domestic energy supplies to provide products to the world at a competitive advantage resulting from lower costs and abundant raw materials. In this way, an upstream technology breakthrough has led to a downstream manufacturing renaissance.”
ExxonMobil is investing in new refining and chemical-manufacturing projects in the US Gulf Coast region to expand its manufacturing and export capacity. The company’s Growing the Gulf 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 to at least 2022.
Darren said ExxonMobil’s 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.
For more information visit www.exxonmobil.com
13th March 2017