Exxon Mobil to Invest $10 Billion in American Infrastructure

  • 2019-02-05
  • Source: AAN
  • by: AAN Staff
Exxon Mobil to Invest $10 Billion in American Infrastructure
By Eric Vernier via Wikimedia Commons
Exxon Mobil announced its plans to invest $10 billion in America's infrastructure, to coincide with the development of a state of the art liquefied natural gas facility along the Gulf Coast.

The Daily Wire's Hank Berrien reports:
 

Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation, stated, “Golden Pass will provide an increased, reliable, long-term supply of liquefied natural gas to global gas markets, stimulate local growth and create thousands of jobs. The extensive experience of ExxonMobil and Qatar Petroleum provides the expertise, resources and financial strength needed to construct and operate an integrated liquefaction and export facility in the United States.”

The statement from Exxon Mobil read:

The $10+ billion liquefaction project will have capacity to produce around 16 million tons of LNG per year. It is expected to create about 9,000 jobs over the five-year construction period and more than 200 permanent jobs during operations. Preliminary estimates by an independent study indicate the project could generate up to $31 billion in U.S. economic gains and more than $4.6 billion in direct federal, state and local tax revenues over the life of the project.

Last January, Woods acknowledged that the tax reform law passed by President Trump and the GOP Congress had stimulated Exxon Mobil’s investment. He said, “At ExxonMobil, we plan to invest more than $50 billion over the next five years to expand our business in the United States. These investments are underpinned by the unique strengths of our company and enhanced by the historic tax reform recently signed into law.”


Exxon Mobil plans to invest $50 billion over the next ten years on its Growing the Gulf initiative. The project is expected to create 45,000 new jobs.
 Source: AAN
Tags: Issues: Energy, AAN Exclusive; Categories:

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