ExxonMobil has announced that is in the midst of huge investment programme in the US that will see the US oil giant invest more than $20 billion over 10 years to build and expand downstream manufacturing facilities in the country's Gulf region.
Chief Executive Officer Darren Woods revealed the programme, during his keynote speech at CERAWeek, as "Growing the Gulf," part of an effort to boost energy exports, create jobs and expand the US manufacturing sector.
"In 2013, we started expanding our manufacturing operations along the Texas and Louisiana coasts to capitalise on the domestic shale revolution. We are looking to continue that program through at least 2022 with even more growth. All told, “Growing the Gulf” will represent $20 billion in investment over ten years in 11 different projects," said Woods.
The expansion covers 11 major chemical, refining, lubricant and liquefied natural gas projects along the Texas and Louisiana coasts.
He added: "Importantly, “Growing the Gulf” also creates jobs. Lots of them. All told, we expect these 11 projects to create over 45,000 jobs."
All the jobs will be located along the Gulf Coast, and many will pay an average of $100,000 a year, Woods said.
A major component of the programme is to gear it towards the export market.
Woods said: "These projects are export machines, generating products that fast-growing nations need to support larger populations with higher standards of living. These overseas markets underpin our investments. The supply is here; the demand is there. We want to keep connecting those dots."