TotalEnergies SE (TTE)

[eFinanceMarkets]

Total to invest $1.7B to expand Texas petrochemicals business
France's Total (TOT +1%) announces plans to build a new $1.7B ethane steam cracker in Port Arthur, Tex., alongside its refinery and existing steam cracker, plus a new polyethylene plant in Bayport, Tex.
TOT says the engineering, procurement and construction contract for the ethane steam cracker has been awarded to CB&I (CBI -0.4%).
TOT says it wants to take advantage of the current "business-friendly environment" in the U.S.; it says the venture, which depends on regulators' approval, would start in 2020 and create at least 1,500 local jobs.