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News // petrochemistry

Trump cheers Exxon plan to invest $20 billion on Gulf Coast refining projects

07 March 2017 , 10:14Neftegaz.RU703

Donald Trump on March 6, 2017, praised Exxon Mobil after the company announced plans to create thousands of jobs by spending $20 billion over 10 years on refineries, chemical and LNG plants along the Gulf Coast.

 

Many of the projects were previously announced, including chemical and plastics projects near Houston, refining expansions in Beaumont and Baton Rouge, and a joint venture with Saudi Arabia to build a new petrochemical plant that’s tentatively scheduled for the Corpus Christi region.

 

The company’s Growing the Gulf program consists of 11 major chemical, refining, lubricant and LNG 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.

 

Exxon Mobil said the work would create 12,000 permanent jobs - Exxon currently has about 71,000 employees - and 35,000 construction jobs.

 

Donald Trump went on Twitter to congratulate the company, saying that «This is exactly the kind of investment, economic development and job creation that will help put Americans back to work. Many of the products that will be manufactured here in the US by American workers will be exported to other countries, improving our balance of trade. This is a true American success story. In addition, the jobs created are paying on average $100,000 per year.»

 

In December, Trump plucked Exxon’s then-CEO, Rex Tillerson, to be his secretary of state.

The new chairman and CEO, Darren Woods, said on March 7, 2017, that the company would expand at several current plants and build a new one to create petroleum products for export.

 

The sum of $20 billion would be roughly equal to Exxon’s total capital spending last year.

The company announced last week that it plans to increase overall investments to an average of $25 billion a year from 2018 to 2020.

 

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