ExxonMobil plans to build a new polyethylene project in Texas

Recently, ExxonMobil said in a tax exemption application that the company may build a new ethane cracker and polyethylene unit near Corpus Christi, Texas.

The application said that if ExxonMobil proceeds with the project, it will be built in Calhoun County, north of Corpus Christi. The project will begin construction in 2025, be completed by the end of 2030, and be put into production in 2031. However, ExxonMobil is considering other possible project locations, including other locations in the Middle East, Asia and North America. ExxonMobil did not disclose production capacity data. The total capital investment is estimated to be as high as US$8.6 billion.

ExxonMobil believes that the U.S. Gulf Coast project has advantages and that the project can be combined with its business in the Permian Basin. "While this site has potential, we are at a very early stage in our evaluation process," ExxonMobil said. "Applying for a tax abatement prior to a final decision is required by law and is part of our due diligence to provide greater clarity for our shareholders and the community. To meet global demand for our products, we will continue to evaluate market conditions before making a decision."