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Exxon to invest $20bn on US Gulf Coast refining projects

09 Mar 2017
Exxon Mobil has confirmed its plans to invest $20 billion through 2022 to expand its chemical and oil refining plants on the U.S. Gulf Coast. 

The world’s largest publicly trader oil producer announced the investments at 11 sites will create 35,000 temporary construction jobs and 12,000 permanent jobs. 

"Exxon Mobil is building a manufacturing powerhouse along the U.S. Gulf Coast," said Chief Executive Darren Woods. "These businesses are leveraging the shale revolution to manufacture cleaner fuels and more energy-efficient plastics."

Last month, the company pledged to boost this year's spending by a further 16 percent to expand operations, especially in shale production, after posting a better-than-expected quarterly profit, helped by rising oil prices and lower costs.

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