Company Plans to Invest $20 Billion to Expand Manufacturing in U.S. Gulf Region
WASHINGTON (March 6, 2017) – The American Chemistry Council (ACC) today applauded an announcement by Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation, that the company is expanding its manufacturing capacity along the U.S. Gulf Coast through planned investments of $20 billion over a 10-year period to take advantage of the American energy revolution. The announcement came in a keynote speech by Mr. Woods at the CERAWeek 2017 conference in Houston.
“We are thrilled to hear of ExxonMobil’s plans to expand its manufacturing capacity along the Gulf Coast,” said Cal Dooley, ACC President and CEO. “Its ‘Growing the Gulf’ initiative shows the decisive role of American energy in spurring a U.S. manufacturing renaissance, with the chemistry industry helping to lead the way.
“Plentiful supplies of energy and feedstock have made the U.S. chemical industry one of the world’s lowest-cost producers,” Mr. Dooley continued. “Our competitive advantage has led to historic growth, with much of the new investment geared toward
export markets for chemistry and plastics products.”
ExxonMobil’s ‘Growing the Gulf’ expansion program consists of 11 major chemical, refining, lubricant and liquefied natural gas 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. The projects are expected to provide long-term economic benefits to the region.
Nationwide, 294 chemical industry projects representing $179 billion in cumulative investment have been announced since 2010, according to ACC’s latest tally. About half of the investment has been completed or is under construction, with the remainder in the planning phase. These new factories and capacity expansions will help create hundreds of thousands of permanent new jobs throughout the U.S. economy by 2023.