Home / Knowledge / News / Textiles / Timely approvals key to get shale gas benefits: ExxonMobil
Timely approvals key to get shale gas benefits: ExxonMobil
27
Sep '13
Investments in petrochemical manufacturing and liquefied natural gas facilities must move ahead to make the most of U.S. shale resources, Steve Pryor, president of ExxonMobil Chemical Company, told attendees of the Shale Insight 2013 Conference.

In his remarks, Pryor noted that permit approval times are the leading indicators of how quickly the United States is capturing the benefits of shale energy.

“Delays could add billions to project costs, restrain job creation, and erode America's competitive advantage,” said Pryor. “As a nation eager for economic growth, the United States should be monitoring these approval times the same way it monitors other key economic indicators.”

Pryor explained that global demand for ethylene, a key petrochemical, is growing more than 50 percent faster than natural gas. The market for LNG is growing even faster. “Since most of this demand growth is outside the United States, this presents an outstanding opportunity to boost America's exports,” he stated.

ExxonMobil plans a multi-billion-dollar chemical expansion at its Baytown, Texas facility, already the nation’s largest integrated refining and chemical complex. The company is also part of a joint venture planning to build an LNG export facility in Texas. ExxonMobil estimates that its investments in these facilities will create 55,000 new direct and indirect jobs nationwide during construction and more than 12,000 permanent jobs once they become operational.

Capital spending by U.S. chemical manufacturers has risen more than 40 percent over the last five years, and more is planned. The American Chemistry Council estimates that some 125 U.S. chemical capacity expansion projects that have been announced will contribute as much as $84 billion to the economy.

Chemical manufacturing and other industrial sectors account for nearly 30 percent of U.S. natural gas demand, Pryor said. “Shale development has given the U.S. petrochemical industry a double benefit.

"In addition to using natural gas as an energy source, the industry uses ethane and other liquids from natural gas as a key raw material to make plastics and other essential products. This cost advantage has reversed the fortunes of the U.S. chemical industry,” said Pryor.

Pryor noted that the total value of shipments from U.S. chemical manufacturers during the past two years hit an all-time high. The American Chemistry Council reports that chemicals are once again America’s single biggest export – larger than agriculture, automobiles and aerospace.

Pryor said the United States is also poised to play a significant role in the global LNG market, which is expected to triple in size from 2010 to 2040. ExxonMobil estimates that LNG exports from North America, which were essentially zero in 2010, will increase to about 15 billion cubic feet per day in 2040.

“While we don’t know how many LNG projects ultimately will prove viable, we need to let the competitive market determine which ones get built and which don’t,” Pryor said. “Beyond the issue of permitting, the United States must embrace free-trade policies for the products of natural gas, whether they are petrochemicals or LNG.”

ExxonMobil Chemical Company


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.8%
No
13.0%
Skip
10.1%

Total Votes: 69

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.3%
No
27.5%
Skip
10.1%

Total Votes: 69

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.5%
No
10.1%
Skip
4.3%

Total Votes: 69

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.4%
No
11.6%
Skip
13.0%

Total Votes: 69


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search