RTTNews | Jul 26, 2021 09:01AM EDT

09:00 Monday, July 26, 2021 (RTTNews.com) - Energy giant ExxonMobil and diversified chemicals company SABIC announced Monday that their joint venture, Gulf Coast Growth Ventures located near Corpus Christi, Texas, has reached mechanical completion of a monoethylene glycol unit and two polyethylene units. Project startup is expected to begin ahead of schedule, likely in the fourth quarter of 2021.

The project created more than 600 permanent jobs with average salaries of $90,000 per year. An additional 6,000 high-paying jobs were created during construction.

The venture has generated more than $22 billion in economic output for the state of Texas during construction and is estimated to create $50 billion in economic benefits during the first six years of operation.

Gulf Coast Growth Ventures expands the successful international relationship between ExxonMobil and Riyadh, Saudi Arabia-based SABIC, who have worked together in petrochemical ventures for more than 35 years. Ownership interests in the Gulf Coast Growth Ventures project is 50 percent ExxonMobil and 50 percent SABIC, with ExxonMobil as site operator.

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