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A new study released by the American Chemistry Council (ACC) has said that due to the large number of chemical and plastics projects that have been announced in order to take advantage of the incredibly low natural gas prices, the US chemical industry is set to see the creation of as many as 46,000 permanent jobs.
The report also said that by 2020 supplier industries could offer an extra 264,000 jobs, with another 226,000 jobs created in communities where chemical and supplier industry workers live, adding an extra $200 billion to the economy.
Cal Dooley, the president and CEO of the ACC, said that “the United States has become a magnet for chemical industry investment, a testament to the favourable environment created by America’s shale gas, as well as a vote of confidence in a bright natural gas outlook for decades to come.”
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A total of 97 chemical and plastics projects have been announced, totalling $71.7 billion of investment, and creating around 1.2 million temporary jobs between 2010 and 2020.
Texas is the hotspot for investment; Dow Chemical intending to invest $4 billion in restoring an old ethylene cracker and building a new one, amongst other projects, Exxon Mobil will build a new ethylene cracker and two polyethylene plants, and Chevron Phillips Chemical, LyondellBasell, and Mitsui & Co. also plan to invest in their own projects.
By. Joao Peixe of Oilprice.com
Joao is a writer for Oilprice.com