Boston, MA 06/20/2014 (wallstreetpr) – EXXON Mobil Corporation (NYSE:XOM) has announced the start of construction for its chemical plant in Baytown Texas as well as the expansion of a nearby plant. The Baytown plant codenamed ‘Cracker’ will have the capacity of producing up to 1.5 million tons of ethylene per year.
Project To Create 4,000 Jobs
The natural gas company is also expanding its Mont Belvieu plant to be used for the processing of ethylene into polyethylene; Polyethylene is normally used to make bags, bottles and other consumer goods. The company through its spokeswoman has refused to give a cost estimate for the multibillion projects, describing it as proprietary information.
According to EXXON Mobil Corporation (NYSE:XOM) estimates the project will require about 10,000 workers for construction with the potential of creating about 4,000 jobs for the local economy once complete. Natural gas production continues to be on the rise in the U.S thanks to the development of more shale formations. Exxon and the likes of The Dow Chemical Company (NYSE:DOW) have responded to the trend by initiating plans to build new chemical plants. Exxon plant is expected to be online as of 2017.
Exxon Begins Evacuating Its Employees From Iraq
Increased tension in Iraq has prompted EXXON Mobil Corporation (NYSE:XOM) to start evacuating its employees from the oil rich nation as Militants continue with their push of seizing cities and attempting to capture oil refineries. The company evacuated its employees from the Qurna Oil Field. BP Plc has already evacuated its non-essential employees with Malaysia’s Petroliam Nasiona Bhd moving 28 of its 166 Iraq employees.
The companies are continuing to pump oil with few signs that production has been curbed as violence continues to increase in some cities. ISIL militants continue to battle government forces in a bid of gaining control of Baji refinery. Operations in the oil fields and refineries continue despite the ongoing evacuations.
