Exxon Mobil Corp, the largest company in the world by revenue plans to export liquefied natural gas (LNG) from the United States, CEO Rex Tillerson said on Tuesday.
U.S. natural gas prices have hit their lowest in a decade and are expected to remain low for years due in large part to ramped up production from shale reserves.
Mr Tillerson, who said in his speech that the growing consumption and supply of natural gas will open new prospects for economic growth as well as environmental improvement with fewer emissions, also confirmed that Exxon Mobil Corp. is currently looking into the idea of constructing a new petrochemical plant in Texas to take advantage of current cheap shale gas prices.
The plant could be online as soon as 2016, according to a U.S. environmental filing.
It would sharply crank up Exxon Mobil’s chemical production capacity and help it compete more effectively with rival Dow Chemical Co , the largest U.S. chemical maker.
U.S. gas production increased 8.1 percent last year alone, about the same as in four years in the previous decade, the International Energy said in report released today.