Exxon begins construction of Texas chemical plant

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (XOM -0.6%) says it has started construction on a new ethane cracker in Baytown, Tex., and begun expanding a plant at nearby Mont Belvieu, part of a plan to produce more high performance premium plastics for export to global markets.

XOM expects the Baytown plant will be able to produce 1.5M metric tons/year of ethylene and to begin production in 2017; it does not provide a specific cost estimate for the project, only that it is a "multi-billion dollar' effort.