Economy

Exxon Mobil plans multi-billion dollar plant near Texas Gulf

Exxon Mobil plans multi-billion dollar plant near Texas Gulf

Portland will soon be home to the world's largest ethylene cracker plant, which will be built by ExxonMobil and partner Saudia Arabia Basic Industries Corp.

The plant will be built in Portland, just north of Corpus Christi, on roughly 1,300 acres (526 hectares).

The companies announced the project in July with four sites in mind - two in Louisiana and one other in Texas near Victoria - before increasingly homing in on San Patricio County late a year ago. Before construction can begin, the project must receive federal and state permits, a process that could take two years.

(NYSE:SKX) Lee Enterprises, Incorporated (NYSE:LEE)
Following the sale, the general counsel now owns 78,794 shares of the company's stock, valued at $2,042,340.48. The firm earned $764.30 million during the quarter, compared to the consensus estimate of $725.08 million.

But the project has also generated criticism. The substances are used to make polyester for clothing, bottles and construction materials. In a statement, ExxonMobil Chemical Co.

The president of ExxonMobil Chemical Company, Neil Chapman, will speak on the announcement further at an event in Portland today.

The economic forecast for this project indicates the multi-billion-dollar investment would create significant benefits for the South Texas region and beyond, generating thousands of jobs and stimulating positive economic growth.

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ExxonMobil and SABIC have worked together for 35 years in major chemical joint ventures in Saudi Arabia; the proposed project represents the companies' first potential USA -based joint venture. The average pay of those jobs should be about $90,000, according to ExxonMobil. After tax credits and rebates are subtracted, the company's Louisiana operations have paid more than $1 billion in state and local taxes during the past decade, Pierson says.

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. ExxonMobil and SABIC bring unmatched expertise to this project, having worked together in petrochemical ventures for more than 35 years. "This record-breaking project illustrates that our business climate is exactly what leading and growing companies are seeking when investing in their future".

OPEC, non-OPEC to meet on same day as group's May gathering
The Energy Information Administration (EIA) has released data on gasoline and diesel retail prices for the week ended April 17. West Texas Intermediate , the US benchmark for the price of up, was up 0.08 percent to $52.45 per barrel.


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