Exxon forms joint venture for proposed $10B project

ExxonMobil Chemical Co. and Saudi Basic Industries Corp., known as SABIC, have formed a new joint venture for their Gulf Coast Growth Ventures project, according to a May 1 press release. The move is a key milestone, as it allows the companies to continue advancing the project, per the release. The project, which will be in Portland, Texas, is expected to include a 1.8 million-tonne ethane cracker, a monoethylene glycol unit and two polyethylene units. Exxon and SABIC announced in April 201