ExxonMobil, SABIC Reach Mechanical Completion for Gulf Coast Growth Ventures Derivatives
26 Luglio 2021 - 2:00PM
Business Wire
- Three units will produce fundamental chemicals used in medical,
automotive and packaging products
- Economic output for the state of Texas of $22 billion during
construction and $50 billion projected for first six years of
operations
- Year-end project completion expected to be under budget and
ahead of schedule
ExxonMobil and SABIC announced today that their joint venture,
Gulf Coast Growth Ventures located near Corpus Christi, Texas, has
reached mechanical completion of a monoethylene glycol unit and two
polyethylene units. Project startup is expected to begin ahead of
schedule, likely in the fourth quarter of 2021.
“Gulf Coast Growth Ventures is a key development of our plan to
serve growing demand for our high value performance products,” said
Karen McKee, president of ExxonMobil Chemical Company. “This is
truly a best-in-class project, as demonstrated in schedule
acceleration and cost competitiveness, despite the many challenges
related to the COVID-19 pandemic.”
“We are very proud to bring GCGV one step closer to operations,”
said Abdulrahman Al-Fageeh, SABIC’s executive vice president of
petrochemicals. “Not only are we ahead of schedule, but we have
executed this project with the highest commitment and emphasis on
safety with nearly 18 million safe person-hours worked, all while
acting on the promises we made to the community when we started
this journey four years ago.”
The project created more than 600 permanent jobs with average
salaries of $90,000 per year. An additional 6,000 high-paying jobs
were created during construction. The venture has generated more
than $22 billion in economic output for the state of Texas during
construction and is estimated to create $50 billion in economic
benefits during the first six years of operation.
The project, which includes a 1.8 million metric ton ethane
steam cracker, is expected to be delivered under budget and
approximately 25 percent less than the average cost of similar
projects along the U.S. Gulf Coast. When completed, GCGV will
produce 1,100 kilotons of monoethylene glycol and 1,300 kilotons of
polyethylene per year.
Monoethylene glycol is commonly used in the manufacturing of
polyesters and automotive coolants, and as a building block to
create various forms of high-performance plastics. Polyethylene is
commonly used in protective film, packaging and bottles and
containers that prolong the shelf-life of food and medicines, as
well as in various automotive parts that improve fuel efficiency
and performance, and in medical applications.
Gulf Coast Growth Ventures expands the successful international
relationship between ExxonMobil and SABIC, who have worked together
in petrochemical ventures for more than 35 years. Ownership
interests in the Gulf Coast Growth Ventures project is 50 percent
ExxonMobil and 50 percent SABIC, with ExxonMobil as site
operator.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy companies, 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. To learn more, visit exxonmobil.com and
the Energy Factor.
Follow us on Twitter and LinkedIn.
About SABIC
SABIC is a global diversified chemicals company headquartered in
Riyadh, Saudi Arabia. SABIC manufactures 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. SABIC supports
customers by identifying and developing opportunities in key
end-use applications such as construction, medical devices,
packaging, agri-nutrients, electrical and electronics,
transportation and clean energy. To learn more, visit
www.sabic.com.
Cautionary Statement
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
project plans, timing, costs, and capacities; actual production;
performance relative to competition; demand growth; and business,
economic, and employment and community impacts could differ
materially due to changes in market conditions affecting the oil,
gas and petroleum product industries or long-term oil, gas and
petroleum product price levels; political or regulatory
developments including changes in environmental regulations or
taxes; future technological developments including the development
and costs of alternative or competing technologies; actions of
competitors; technical or operating factors; the outcome of
commercial negotiations; changes in consumer preferences; and other
factors cited under the caption “Factors Affecting Future Results”
on the Investors page of our website at exxonmobil.com.
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