President Trump on Monday hailed oil giant Exxon Mobil Corp.’s announcement of a major jobs and manufacturing plan for Texas and Louisiana.
Exxon said it has embarked on a $20 billion plan to build or update manufacturing and refining facilities on the Gulf Coast, something the company predicts will create 45,000 news jobs.
In a statement, Trump said that is “is exactly the kind of investment, economic development and job creation that will help put Americans back to work.”
“This is a true American success story.”
Trump's secretary of State, Rex Tillerson, was CEO of Exxon until December, when he left the company to join Trump's cabinet.
Exxon’s expansion work — which kicked off in 2013 and could last through 2022 — will focus on 11 new or existing chemical, refining, lubricant and liquefied natural gas projects in Louisiana and Texas.
Exxon said its plan will increase its refining and manufacturing capacity in the region.
CEO Darren Woods told an oil and gas industry conference on Monday that the shale boom in the United States was driving the company’s investment plans.
“The United States is a leading producer of oil and natural gas, which is incentivizing U.S. manufacturing to invest and grow,” Woods said.
“We are using new, abundant domestic energy supplies to provide products to the world at a competitive advantage resulting from lower costs and abundant raw materials."