Exxon Mobil Corp Plans New U.S. Chemical Plant-Reuters

Reuters reported that Exxon Mobil Corp, plans to build a multi-billion dollar chemical plant in Texas to take advantage of cheap North American shale gas, according to a U.S. environmental filing seen by Reuters. The plant, which could be online as soon as 2016, would sharply crank up Exxon Mobil's chemical production capacity. Exxon Mobil's plant, if approved, will be built at Exxon Mobil's Baytown complex and is expected to produce 1.5 million tons annually of ethylene, a key material in plastics production. The ethylene will be piped to Exxon Mobil's nearby Mont Belvieu complex, where it will be used in two planned polyethylene production facilities, each expected to have an annual capacity of 650,000 tons per year. Construction should begin by next March, according to the filing. Exxon Mobil filed with the U.S. Environmental Protection Agency and Texas officials earlier this month. It expects regulatory approval within the year.