ExxonMobil to invest $20bn in US Gulf

ExxonMobil is to invest $20 billion (£16.4bn) in expanding US Gulf manufacturing and export capacity. The company’s ‘Growing the Gulf’ expansion programme for the next 10 years focuses on developing 11 […]

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By Jonny Bairstow

ExxonMobil is to invest $20 billion (£16.4bn) in expanding US Gulf manufacturing and export capacity.

The company’s ‘Growing the Gulf’ expansion programme for the next 10 years focuses on developing 11 major chemical, refining, lubricant and liquefied natural gas projects along the Texas and Louisiana coastlines.

Some of the sites already exist and others are still in the proposal stage – investments began in 2013 and are expected to continue to at least 2022.

Chairman and CEO Darren Woods said the expansion projects will provide economic benefits to the region, noting the creation of direct employment opportunities and the multiplier effect of investments.

Chemical manufacturing accounted for 14% of total US exports in 2015 and exports of specific chemicals linked to shale gas are projected to reach the value of $123 billion (£101bn) by 2030.

Mr Woods added: “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.”

ExxonMobil and US Secretary of State Rex Tillerson recently agreed to cut all ties.

The US Environmental Protection Agency is withdrawing its request for oil and gas firms to provide information on equipment and emissions.