Exxon Mobil Corp. and Saudi Arabia Basic Industries Corp. plan to partner to build a multi-billion dollar petrochemical plant near the Texas coast according to Texas' governor.
The plant will be built in Portland, just north of Corpus Christi, on approximately 1,300 acres. The plant will produce components used to make polyester, anti-freeze, plastic bottles and other items and is estimated to cost about $10 billion,
The project will be a joint venture between Exxon and Saudi Arabia Basic Industries Corp. Exxon officials state that it will be the largest ethane steam cracker plants in the world, with an opening scheduled for 2024.
Gov. Greg Abbott said the plant "illustrates that our business climate is exactly what leading and growing companies are seeking when investing in their future." Yousef Abdullah Al-Benyan, CEO of SABIC, added: "We are focused on geographic diversification to supply new markets."
The project has received state and local tax incentives including $1.2 billion in tax incentives from the local school board, a $210 million package from the San Patricio County and $6 million in state tax breaks.