Skip to main content

ExxonMobil to expand US Gulf Coast manufacturing capacity

Published by
LNG Industry,


During his keynote speech at the CERAWeek 2017 conference, the Chairman and Chief Executive Officer of ExxonMobil, Darren Woods, said that the company is expanding its manufacturing capacity along the US Gulf Coast through planned investments of US$20 billion over a 10-year period, in order to take advantage of the American energy revolution.

The projects cover 11 existing and proposed sites, and are expected to create thousands of new jobs, and US$20 billion in increased economic activity in Texas and Louisiana.

Woods said: “The United States is a leading producer of oil and natural gas, which is incentivising US manufacturing to invest and grow.

“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.”

Woods added that the company’s Gulf expansion projects are expected to lead to long-term economic benefits for the region, noting the creation of direct employment opportunities, as well as the multiplier effects of the investments.

He said: “Importantly, growing the Gulf also creates jobs and lasting economic benefits for the communities where they’re located.

“All told, we expect these 11 projects to create over 45 000 jobs. Many of these are high-skilled, high-paying jobs averaging about US$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 accounted for 14% of the US’s overall exports in 2015, making it one of the country’s main exporting industries. Exports of specific chemicals linked to shale gas are projected to reach US$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.

Woods added: “These projects are export machines, generating products that high-growth nations need to support larger populations with higher standards of living.

“Those overseas markets are the motivation behind our investments. The supply is here; the demand is there. We want to keep connecting those dots.”

Read the article online at: https://www.lngindustry.com/liquefaction/07032017/exxonmobil-to-expand-us-gulf-coast-manufacturing-capacity/


 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

LNG project news US LNG news LNG export news