Exxon Mobil Corp. (NYSE: XOM) announced to invest $20 billion on the U.S. Gulf Coast project to enlarge the company’s chemical and oil refining plants.
According to the company, the project began four years ago in 2013, however, the timeline is extended now and the scope of the project is expanding. “Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast,” said Darren Woods, the Chief Executive of Exxon. “These businesses are leveraging the shale revolution to manufacture cleaner fuels and more energy-efficient plastics.”
Exxon will invest at 11 sites, which will create 12,000 permanent jobs and 35,000 temporary construction jobs. The U.S. Gulf Coast project will continue through at least 2022, and will involve major refining, lubricant, chemical and liquefied natural gas projects in existing sites and the 11 sites. The project is expected to generate $20 billion in economic activity in Texas and Louisiana.
According to Darren Woods, the expansion projects will provide economic benefits to the region in the long term, contributed by the creation of employment and other effects of the investments.
Last month, Exxon said to boost spending of 2017 by 16%, especially in shale production. The company aimed to expand operations by doing this after getting satisfied quarterly profit.