Hogan Lovells advised global diversified chemicals manufacturer SABIC in its recently announced joint venture with ExxonMobil to advance development of the Gulf Coast Growth Ventures project, a 1.8 million tonne ethane cracker currently planned for construction in San Patricio County, Texas.
SABIC and ExxonMobil have created a new joint venture to advance development of the Gulf Coast Growth Ventures project, a 1.8 million tonne ethane cracker currently planned for construction in San Patricio County, Texas. The facility will also include a monoethylene glycol unit and two polyethylene units.
SABIC is the operating partner for two long-standing joint ventures with ExxonMobil in the Kingdom of Saudi Arabia, Kemya in Jubail and Yanpet in Yanbu.
Creation of the new joint venture represents a key milestone that allows the two companies to continue advancing the project, which is expected to create 600 new, permanent jobs, about 3,500 indirect and induced jobs during operations, as well as 6,000 construction jobs during the peak of construction.
Construction of the project, announced in 2016, is pending completion of the environmental permitting process. The plant is expected to be operational in the 2021-2022 timeframe.
Saudi Basic Industries Corporation (SABIC) manufactures chemicals and steel. The company, led by Yousef Abdullah Al Benyan, Khalid Al-Garni and Anas Bin Yousuf Bin Yaqoub Kentab, in 2017 recorded $40 Billion Revenues.
The Hogan Lovells team advising SABIC was led by partners Kelly Tubman (Picture) Hardy in Washington, and David Locascio and Jeffrey Whittle in Houston. Other team members included partner Cameron Cosby and senior associates Polly Sims in Houston, and Sandra Harris in Denver.
Involved fees earner: Kelly Tubman Hardy – Hogan Lovells; Sandra Marie Harris – Hogan Lovells; David Locascio – Hogan Lovells; Cameron Cosby – Hogan Lovells; Jeffrey Whittle – Hogan Lovells; Polly Sims – Hogan Lovells;
Law Firms: Hogan Lovells;