The petrochemical complex near Corpus Christi, Texas, that ExxonMobil is building together with Saudi Basic Industries Corporation (SABIC) is expected is expected to begin ahead of schedule and operational by the end of 2021, Arab News reports.
The complex is developed by Gulf Coast Growth Ventures (GCGV), a joint -owned company by the Saudi and US companies, and will produce 1,100 kilotons of monoethylene glycol and 1,300 kilotons of polyethylene per year upon completion.
According to permit documents, the joint venture also includes a marine terminal to export liquids.
It has already created more than 600 permanent jobs with average salaries of $90,000 p.a. with an additional 6,000 high-paying jobs created during construction.
According to sources familiar with the project, complex construction wasn’t not suspended or slowed down in 2020 amid COVID-19 restrictions because modular units were built elsewhere and delivered to the site
The project is expected to reinforce Saudi Arabia’s diversification into high-value hydrocarbon products through high-performance plastics, and its benefits will not only accrue to SABIC but also to Saudi Aramco, which bought the company from the Public Investment Fund to create a Saudi synergy in local petrochemical production.