Sabic

ExxonMobil Corp. and its Saudi Arabian partner on Thursday pulled the trigger to sanction the world’s largest steam cracker, a 1.8 million metric ton/year project on the South Texas coast that would create thousands of jobs and billions in economic output.

Saudi Arabia’s national oil company is buying a 70% stake in Saudi Basic Industries Corp., aka Sabic, the kingdom’s petrochemicals firm, in a $69.1 billion deal that paves the way for an infusion of investments into global oil and gas deals beyond the Middle East.

Preliminary plans are in the works to build a 2 million metric ton/year (mmty) methanol production plant on the Mississippi River in Louisiana, which would be the largest of its kind in North America.

ExxonMobil Corp. and Saudi Basic Industries Corp., i.e. SABIC, on Tuesday created a joint venture (JV) to further advance their Gulf Coast Growth Ventures project, a 1.8 million metric ton ethane cracker proposed for San Patricio County, TX.

U.S. oil and natural gas operators inked deals over the weekend with Saudi Arabia that are expected to create billions in revenue as President Trump completed the first leg of a nine-day marathon trip to the Middle East and Europe.

As anticipated, ExxonMobil Corp. and its Saudi Arabian partner agreed Wednesday to develop a world-class ethane steam cracker on the Texas Gulf Coast near Corpus Christi, a facility that if given final approval would be able to produce 1.8 million metric tons/year (mmty) of ethylene.

SABIC (Saudi Basic Industries Corp.) and an affiliate of ExxonMobil Corp. are considering the development of a jointly owned petrochemical complex on the U.S. Gulf Coast.

Boosted by the “shale gas revolution,” Williams on Tuesday said it will spend up to $400 million to expand its Geismar olefins production facility near Baton Rouge, LA.