PORTLAND, Texas (AP) — Exxon Mobil Corp. and a Saudi partner have agreed to build a multibillion-dollar petrochemical plant near the Texas coast.
Texas Gov. Greg Abbott on Wednesday formally announced the venture involving Exxon and Saudi Arabia Basic Industries Corp.
The plant will be built in Portland, just north of Corpus Christi, on roughly 1,300 acres (526 hectares). Exxon officials have said it'll be among the largest ethane steam cracker plants in the world.
The plant, set to open in 2024, will produce components used to make plastic bottles and other items.
Exxon has been working with local officials. The project has received state and local tax incentives, including a $1.2 billion package approved last month by the Gregory-Portland school district board. Abbott says more than $6 million was offered in state incentives.