On Tuesday, ExxonMobil announced it would invest a whopping $10 billion in America’s infrastructure as it develops the Golden Pass liquefied natural gas (LNG) facility in Sabine Pass. According to Exxon Mobil, “Construction will begin in the first quarter of 2019 and the facility is expected to start up in 2024.”
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.”- READ MORE