ExxonMobil Corporation has plans to invest $20bn over a ten-year period to expand its production capacity along the US Gulf Coast.
The investment will be pumped into 11 proposed and existing sites, which will create thousands of new jobs.
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ExxonMobil Corporation chairman and chief executive officer Darren Woods said: “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 plans to invest in new refining and chemical-manufacturing projects located in the Gulf Coast region.
The firm’s Growing the Gulf expansion programme covers 11 chemical, refining, lubricant and liquefied natural gas projects at proposed new and existing facilities along the Texas and Louisiana coasts.
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By GlobalDataWoods stated: “Importantly, Growing the Gulf also creates jobs and lasting economic benefits for the communities where they’re located.
“All told, we expect these 11 projects to create more than 45,000 jobs. Many of these are high-skilled, high-paying jobs averaging about $100,000 a year. And these jobs will have a multiplier effect, creating many more jobs in the communities that service these new investments.”
The American Chemistry Council estimated that exports of specific chemicals associated with shale gas will reach $123bn by 2030.
