District OKs $1.2B tax break for Exxon
School board near Corpus Christi gives break for future plant.
Exxon Mobil Corp. and its Saudi partner have been granted an estimated $1.2 billion in tax breaks over 10 years from a South Texas school board to build a $9.3 billion petrochemical plant just north of Corpus Christi.
The Gregory-Portland Independent School District board unanimously approved the tax package, despite opposition from some in the community. The tax break is intended to help entice Houston-based Exxon and partner Saudi Arabia Basic Industries Corp., or SABIC, to build what would be the world’s largest ethane steam cracker plant in Portland, a town of about 15,000 just north of Corpus Christi.
The joint venture earlier got a separate package of tax incentives worth roughly $210 million over seven years from San Patricio County.
The tax breaks are contingent on job creation. Plans submitted by project leaders to the Texas Comptroller’s Office commit to creating 13,570 temporary construction jobs at average annual wages of $87,500 and 170 permanent jobs at average annual wages of $59,408. SABIC’s tax abatement application shows an additional 1,750 temporary construction jobs at average annual wages of $67,500 and 230 permanent jobs at average annual wages of $59,408.
After the final vote was tallied, Randy Eulenfeld, president of