The LNG infrastructure investment is expected to support over 9,000 jobs and generate $31 billion in economic activity.
Modernizing and expanding America’s infrastructure is a top priority for manufacturers to continue transporting goods to market and increasing economic growth – and the industry isn’t sitting on the sidelines.
On Tuesday afternoon, ExxonMobil in partnership with Qatar Petroleum announced an incredible $10 billion investment in America’s energy infrastructure, a development plan that will transform the existing Golden Pass liquefied natural gas (LNG) facility in Sabine Pass, Texas into a world-class LNG production and export terminal.
ExxonMobil’s game-changing investment is a clear win for America’s economy, and will further position the United States as a global leader in the manufacturing and export of energy resources.
The $10 billion infrastructure investment is expected to support 9,000 jobs over the five-year construction period, 200 permanent manufacturing jobs once completed, and generate up to $31 billion in U.S. economic gains.
At a time when America’s existing energy infrastructure in the Gulf Coast is already under strain from increased production, the importance of these kinds of investments can’t be understated. The project will also uniquely position U.S. manufacturers to compete around the world, provide a reliable, long-term supply of LNG, cement the United States as a global leader in energy production, and take the U.S. a step closer to energy independence.
The Golden Pass project will have a capacity of 15.6 million tons per year of liquefied natural gas, with exports expected to begin in 2024. ExxonMobil’s ‘Growing the Gulf’ initiative, its plan to invest more than $20 billion in the Gulf over the next decade, will build and expand manufacturing facilities in the region and create over 45,000 jobs.
Last year, ExxonMobil Chairman and CEO Darren Woods announced that the historic tax reform law, coupled with a surging economy and regulatory reforms, had enhanced the company’s plans to invest more than $50 billion in the United States over the next five years. Today’s investment makes clear that the pro-growth agenda manufacturers have been fighting so hard for is generating results for workers across the country.
Moreover, manufacturers like ExxonMobil are paving the way forward for critical infrastructure development in the United States that will enable manufacturers to leverage incredible opportunities to export energy, create jobs, move goods to market, and expand their businesses in the U.S. and around the world.
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