ExxonMobil 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, it has been reported.
The plant specialises in production of ethane-derived petrochemicals and materials, and its ethane steam cracker, with a capacity to produce 1.8m metric tonnes/year of ethylene, is designed to be the 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 percent year to date.
For more information visit corporate.exxonmobil.com
