FX.co ★ ExxonMobil to invest $50 billion in US

Exxon Mobil said it plans to invest tens of billions of dollars in the United States as a result of the recently passed reduction in the US corporate tax rate, Reuters reported.

Darren Woods, chairman and CEO of the world's largest oil producer said he intends to spend $50 billion on US projects over the next five years.

The company plans to invest an additional $35 billion in the United States on previously unannounced projects.

Earlier, Exxon had already announced its desire to make investments worth tens of billions of dollars in refining, petrochemicals and shale exploration in the Gulf Coast of the United States by 2022.

Woods also noted that recent changes in the US corporate tax rate create a favorable investment environment.