Exxon Mobil plans to expand its manufacturing capacity by means of planned investments
Through planned investments of $20 billion over a period of 10 years, Exxon Mobil Corporation, is expanding its manufacturing capacity along the U.S. Gulf Coast in order to take advantage of the American energy revolution. This was revealed by Darren Woods, chairman and chief executive officer. Thousands of new high-paying jobs are expected to be generated through the projects, which include 11 proposed and existing sites and also $20 billion in increased economic activity in Texas and Louisiana.
New refining and chemical-manufacturing projects in the U.S. Gulf Coast region is what ExxonMobil is strategically investing in so that it can expand its manufacturing and export capacity. 11 major chemical, refining, lubricant and liquefied natural gas projects at proposed new and existing facilities along the Texas and Louisiana coasts comprises growing the Gulf expansion program of Exxon Mobil. Woods said, “The United States is a leading producer of oil and natural gas, which is incentivizing U.S. 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.” It was in 2013 when investments began and it will be 2022, till it continues to grow.
Long-term economic benefits to the region are expected to be provided through the company’s Gulf expansion projects. Woods said “Importantly, 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.” “These projects are export machines, generating products that high-growth nations need to support larger populations with higher standards of living,”.
Chemical manufacturing is one of America’s top exporting industries, as per the American Chemistry Council. It contributes to about 14 percent of the total U.S. exports in 2015. Asia and other markets are targeted for export of a maximum of ExxonMobil’s planned new chemical capacity investment in the Gulf region. PWKD08032017