During his recent trip to Saudi Arabia, President Donald Trump announced an array of economic agreements between the U.S. and the Middle Eastern kingdom, saying it would usher in “jobs, jobs, jobs” for both oil-producing powerhouses.
While the $350 billion, 10-year arms deal garnered most headlines, a lesser-noticed agreement was also signed between ExxonMobil and the state-owned Saudi Basic Industries Corporation (SABIC) to study a proposed co-owned natural gas refinery in the Gulf of Mexico. Under the deal, signed at the Saudi-U.S. CEO Forum, the two companies would “conduct a detailed study of the proposed Gulf Coast Growth Ventures project in Texas and begin planning for front-end engineering and design work” for the 1,300-acre, $10 billion plant set to be located near Corpus Christi, Texas, according to an ExxonMobil press release.
In addition, ExxonMobil's press release for the agreement mentions that Darren Woods, the company's CEO, was in the room for the signing of the pact alongside ExxonMobil Saudi Arabia CEO Philippe Ducom and SABIC executives. Missing from that release: After the forum ended, Woods went to the Al-Yamamah Palace for an agreement-signing ceremony attended by both President Trump and recently retired ExxonMobil CEO and current U.S. Secretary of State, Rex Tillerson.