Unic Press UK: Exxon Mobil Corporation, on Monday, said an expansion of its manufacturing capacity along the U.S. Gulf Coast is being pursued with a $20 billion investment spread over a 10-year period.
The planned investment, which will provide a range of long-term benefits including direct employment opportunities and greater returns to the corporation, was announced by the Exxon Mobil Corporation chairman and chief executive officer, Darren Woods, during his speech at the CERAWeek 2017 conference.
Excerpts from a press release by Exxon Mobil Corporation on the planned investment of $20 billion reads:
“ExxonMobil 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 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 at least 2022.
“Importantly, Growing the Gulf also creates jobs and lasting economic benefits for the communities where they’re located,” Woods said. “All told, we expect these 11 projects to create over 45,000 jobs. Many of these are high-skilled, high-paying jobs averaging about $100,000 a year. And these jobs will have a multiplier effect, creating many more jobs in the communities that service these new investments.
“According to the American Chemistry Council, chemical manufacturing is one of America’s top exporting industries, accounting for 14 percent 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 ExxonMobil’s planned new chemical capacity investment in the Gulf region is targeted toward export markets in Asia and elsewhere.”
CEO Darren Woods announces #GrowingTheGulf expansion program: 45k+ jobs, $20B investment in America. #CERAWeek https://t.co/TUK32gxFpY pic.twitter.com/m1z4XvOSiV
— ExxonMobil (@exxonmobil) March 6, 2017
