Saudi Arabia's SABIC and ExxonMobil have created a new joint venture to advance development of the Gulf Coast Growth Ventures project, a 1.8 million tonne ethane cracker currently planned for construction in San Patricio County, Texas.
The facility will also include a monoethylene glycol unit and two polyethylene units. ExxonMobil said that the creation of the new joint venture represents a key milestone that allows the two companies to continue advancing the project, which was announced in 2016.
Construction of the project is pending completion of the environmental permitting process. The plant is expected to be operational in the 2021-2022 timeframe.
“We look forward to the next phase of the project, which supports not only our goals for global diversification, but also supports Saudi Vision 2030. In addition, we are proud of the role the project will play in enhancing the economic profile of San Patricio County, Texas,” Al-Benyan stated," said SABIC vice chairman and CEO Yousef Al-Benyan.
“The project will create value not only for both of our companies, but for the surrounding communities through the creation of jobs and economic growth. We appreciate the support we’re receiving, and look forward to continuing our conversations with San Patricio County residents and businesses as we progress," said John Verity, president of the ExxonMobil Chemical Company.