Sabic, ExxonMobil considering U.S. Gulf Coast investment
If developed, the two companies said, the project would be located in Texas or Louisiana near natural gas feedstock and include a world-scale steam cracker and derivative units.
Petrochemical giant Sabic and ExxonMobil Corporation are considering the potential development of a jointly owned petrochemical complex on the U.S. Gulf Coast.
If developed, the two companies said in a joint statement, the project would be located in Texas or Louisiana near natural gas feedstock and include a world-scale steam cracker and derivative units.
“We have the capability to design a project with a unique set of attributes that would make it competitive globally,” Neil Chapman, president of ExxonMobil, said in the statement. “That is vitally important as most of the chemical demand growth in the next several decades is anticipated to come from developing economies.”
“Before making final investment decisions, the companies will conduct necessary studies and work with state and local officials to help identify a potential site with adequate infrastructure access,” the statement added.
ExxonMobil and Sabic have worked together for 35 years in major chemical joint ventures in Sabic’s home country of Saudi Arabia.