ExxonMobil and SABIC Select San Patricio County for Multi-Billion Dollar Petrochemical Investment
Governor Greg Abbott today announced that San Patricio County has been selected as the site for the development of a petrochemical plant that will represent a multi-billion dollar investment in the State of Texas. ExxonMobil Chemical Company and SABIC US Projects LLC have developed a partnership to build the plant for the production of components used to manufacture polyester, anti-freeze, plastic bottles and food packaging products for emerging global markets.
A Texas Enterprise Fund (TEF) offer of $1.35 million has been extended to SABIC and a TEF offer of $5 million has been extended to ExxonMobil. The project is expected to create over 600 direct jobs and as many as 3,500 indirect jobs. This project will have the largest capital investment of any TEF awardee during Governor Abbott’s tenure and is expected to generate $22 billion in economic output during the construction phase and more than $50 billion in economic output during the first six years of operations.
“Texas has shown the business world that our state is the place where innovation and ingenuity thrive,” said Governor Abbott. “This decision by SABIC and ExxonMobil is a tremendous win for not just San Patricio County, but for the entire State of Texas. This record-breaking project illustrates that our business climate is exactly what leading and growing companies are seeking when investing in their future.”
“This decision represents a significant milestone for both the local community and the state of Texas,” said Neil Chapman, president of ExxonMobil Chemical Company. “We wish to thank local and state officials who have been instrumental in the site selection process, as well as everyone in the community who attended meetings to learn more about the project and provided us with constructive feedback. We will continue listening to local residents and businesses and look forward to continuing to work together.”
“We are focused on geographic diversification to supply new markets,” said SABIC vice chairman and CEO Yousef Abdullah Al-Benyan. “The proposed venture would capture competitive feedstock, capitalize on the growing global demand for ethylene-based products, and reinforce SABIC’s strong position in the value chain.”
This proposed project is part of ExxonMobil’s Growing the Gulf Initiative announced in March.