January 23, 2022 [SeekingAlpha] – Exxon Mobil (NYSE:XOM) and Saudi Arabia’s SABIC have officially started operations at their 50-50 joint venture Gulf Coast Growth Ventures ethane cracker and derivatives complex near Corpus Christi, Texas, the Houston Business Journal reports.
The plant specializes in production of ethane-derived petrochemicals and materials, and its ethane steam cracker, with a capacity to produce 1.8M metric tons/year of ethylene, is designed to be largest in the world.
The ethylene unit will feed two polyethylene units with combined capacity of 1.3M mt/year and a monoethylene glycol unit with production capacity of 1.1M mt/year.
The companies say the GCGV complex will help meet growing global demand for performance products with its production of raw materials used for packaging, agricultural film, construction materials, clothing and automotive coolants.
Exxon’s market cap has pushed back above $300B for the first time in more than two years, after the stock has rallied 20% YTD.
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