The Chairman and Chief Executive Officer of ExxonMobil, Darren Woods, recently announced that the company is expanding its manufacturing capacity along the US Gulf Coast through planned investments of USD $20 billion over a 10-year period, in order to take advantage of the American energy revolution.
The projects cover 11 existing and proposed sites, and are expected to create thousands of new jobs, and USD $20 billion in increased economic activity in Texas and Louisiana. Woods said: “The United States is a leading producer of oil and natural gas, which is incentivising US manufacturing to invest and grow.”
Woods added that the company’s Gulf expansion projects are expected to lead to long-term economic benefits for the region, noting the creation of direct employment opportunities, as well as the multiplier effects of the investments.