Port of Corpus Christi approves lease deal with Gulf Coast Growth Ventures

The Port of Corpus Christi Commission voted to approve a lease agreement with Gulf Coast Growth Ventures Asset Holding LLC, an ExxonMobil-SABIC joint venture, for a 13-acre multi-purpose cargo dock and a 35-acre marine terminal facility at the port.    The Port of Corpus Christi Commission unanimously voted to approve a lease agreement with Gulf Coast Growth Ventures (GCGV) Asset Holding LLC for a 13-acre multi-purpose cargo dock and a 35-acre marine terminal facility at the port, according to a statement from the port.
   GCGV is a joint venture between Saudi Arabian-based chemical manufacturing company SABIC and ExxonMobil, an international oil and gas company headquartered in Irving, Texas.
   GCGV plans to build and operate a world-scale ethane steam cracker for production of ethylene and derivative units for production of polyethylene and monoethylene glycol (MEG), the Port of Corpus Christi said.
   The project, which will use ethane gas from major production areas in the United States and export the polyethylene and MEG to markets across the globe, will be built on GCGV property near Gregory in San Patricio County, Texas.
   The GCGV plant is expected to be operational in 2022, and once it commences operations, liquid products will be transported via pipeline to storage tanks at the marine terminal, and ultimately exported to overseas markets.