ExxonMobil and Sabic are to proceed with their multi-billion dollar petrochemical production joint venture (JV) on the US Gulf Coast. Sabic said in a regulatory filing today that the JV has obtained all the required regulatory approvals, including environmental permits, for the project. Construction is expected to start later this year with completion planned for the first half of 2022. The project will include one of the world’s largest ethane crackers, designed to produce 1.8 million metric tons/year of ethylene, two polyethylene units and an ethylene glycol plant.
On Wednesday, the Texas Commission on Environmental Quality granted air quality permits to Gulf Coast Growth Ventures, the equally-owned JV between the two partners. The complex will be built north of Corpus Christi between the towns of Gregory and Portland. The engineering, procurement and construction contracts for the project were awarded earlier to Chiyoda Kiewit JV and CTCI-McDermott.
ExxonMobil and Sabic are already partners is several JVs in Saudi Arabia, which include a major elastomers manufacturing alliance. The Corpus Christi JV will be Sabic’s first major petchems production venture in the US and is part of the company’s geographic diversification to supply new markets. “The proposed venture would capture competitive feedstock, capitalize on the growing global demand for ethylene-based products, and reinforce Sabic’s strong position in the value chain,” Sabic’s CEO Yousef al-Benyan said earlier.
Sabic is in the process of being acquired by Saudi Aramco. The latter has its own major investment plans in the US via its wholly-owned subsidiary, Motiva Enterprises at Port Arthur, Texas.
By Natasha Alperowicz
Source: Chemical Week
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
