Subsidy Tracker Individual Entry

Company: 
Exxon Mobil and Saudi Basic Industries Corp.
Parent Company: 
Exxon Mobil
Subsidy Source: 
multiple
Location: 
Texas
County: 
San Patricio
Project Description: 

petrochemical plant

Year: 
2017
Major Industry of Parent: 
oil and gas
Subsidy Value: 
$460,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
11,000 construction jobs; 600 permanent jobs
Capital Investment: 
$10,000,000,000
Source of Data: 

The value of the Texas Enterprise Fund financing comes from Gov. Abbott's April 19, 2017 press release available at https://gov.texas.gov/news/post/A-Multibillion-Dollar-Petrochemical-Proj.... The value of the local tax abatements, jobs and investment levels were reported by Jack Witthaous in "Tax break approved for Exxon and SABIC's massive $10B petrochem project" on March 22, 2017 in the Houston Business Journal; online at : http://www.bizjournals.com/houston/news/2017/03/22/tax-breaks-approved-f.... Local tax breaks were also reported by Olivia Pulsinelli in the Houston Business Journal on April 19, 2017 in "Exxon, SABIC officially pick location for proposed $10B petrochem project," at http://www.bizjournals.com/houston/news/2017/04/19/exxon-sabic-officiall...

Notes: 

The project is a partnership between ExxonMobil Chemical Company and SABIC US Projects LLC. The reported state and local subsidy package includes an estimated $460 million from Chapter 313 tax abatements approved by the Gregory-Portland School Board and other unspecified tax abatements approved by the San Patricio Commissioners Court. In addition, the project was approved for Texas Enterprise Fund awards of $1.35 million for SABIC US Projects and $5 million for Exxon. ?Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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