Exxon Mobil plans to build $10B petrochemical plant in Texas

PORTLAND, Texas (AP) - Exxon Mobil Corp. and a Saudi partner will build a nearly $10 billion petrochemical plant just north of Corpus Christi as part of a venture receiving nearly $2 billion in tax breaks from state and local governments.
 
Exxon and Saudi Arabia Basic Industries Corp. will build the world's largest ethane steam cracker plant on 1,300 acres (526 hectares) in Portland, with an opening scheduled for 2024.
 
The plant will produce components used in the manufacture of polyester, anti-freeze, plastic bottles and other items.
 
The Gregory-Portland school district board last month voted to approve $1.2 billion in tax incentives for the project, and San Patricio County commissioners have OK'd a $210 million package. Gov. Greg Abbott, meanwhile, said in a statement Wednesday that more than $6 million was offered in state tax breaks.

© 2017 Associated Press


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