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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
Specific Industry of Parent: oil & gas
Subsidy Value: $460,000,000
Subsidy Value in 2023 Dollars: $573,627,533
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
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 (click here). 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 : (click here). 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 (click here)
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: If an online information source is not working, check the Tracker inventory page for an updated link.