Exxon Mobil Corp, headquartered in Spring, Texas, is exploring the possibility of constructing a new $8.6 billion polyethylene plant in Calhoun County. However, this decision is not yet final as the company is also considering other potential locations globally such as the Middle East and Asia.
According to reports from the Houston Business Journal, Exxon has applied for school tax abatements through Texas’ new Jobs, Energy Technology and Innovation program. This program allows school districts to reduce property taxes on a portion of their taxable value which could result in significant savings for companies like Exxon who typically face high property tax bills.
If approved and given the green light by Exxon’s board of directors,the project would commence construction in 2026 with operations beginning by 2031. The proposed project would require an estimated capital investment of $8.6 billion over a span of 40 years creating approximately 300 permanent jobs along with another 300 contract positions within Calhoun County.
Over four decades,the plant will contribute roughly $1.7 billion dollars towards taxes benefiting various entities including Calhoun County itself,CISD (Calhoun Independent School District),the Port Authority,and Groundwater Preservation Districts.
