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Exxon plans $10 billion plant near Texas coast

A file photo, shows the sign for the Exxon Mobil Torrance Refinery in California. (AP)

PORTLAND: Exxon Mobil and Saudi Arabia Basic Industries Corp (SABIC) plan to build a multi-billion dollar petrochemical plant near the Texas coast, said Texas Gov. Greg Abbott.
Exxon officials have said it will be among the largest ethane steam cracker plants in the world, with an opening scheduled for 2024.
The plant will be built in Portland, just north of Corpus Christi, on roughly 526 hectares.
Estimated to cost about $10 billion, the plant will produce components used to make polyester, anti-freeze, plastic bottles and other items.
In formally announcing the project, Abbott said the plant “illustrates that our business climate is exactly what leading and growing companies are seeking when investing in their future.”
Yousef Abdullah Al-Benyan, CEO of SABIC, said: “We are focused on geographic diversification to supply new markets.”
Exxon and SABIC also considered another Texas site and two in Louisiana for the project.
The project has received state and local tax incentives.
The Gregory-Portland Independent School District board voted recently to approve $1.2 billion in tax incentives, and San Patricio County commissioners approved a $210 million package.
Abbott said that more than $6 million was offered in state tax breaks. Officials said the project is expected to create thousands of jobs.
But the project has also generated criticism. Some residents circulated a petition citing safety and environmental concerns.

The plant is set to be built less than 3.22 km from the district high school.

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