A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

HOUSTON (Reuters) – Exxon Mobil Corp plans to invest an additional $2 billion in a three-year expansion project at its Baytown, Texas, chemical complex, the company said on Thursday.

Exxon will add a plant producing 400,000 tons of polymers a year and an olefins plant that will produce 350,000 tons of feedstocks for polyethylene, waxes and lubricating oils at Baytown by 2022.

“Our Baytown chemical expansion will put us in a solid position to maximize the value of increased Permian Basin production and will deliver higher-demand, higher-value products produced at our Gulf Coast refining and chemical facilities,” said