South Korea’s Lotte Chemical Corp. and Atlanta-based Axiall Corp. finalized the agreements in June on their LACC joint venture to build an ethane cracker plant in Lake Charles, Louisiana. The cracker would make ethylene, which is the primary building block of most plastics. The plant would produce about 1 million metric tons of ethylene a year.
Speaking at the company’s sprawling Channelview complex where LyondellBasell will start up 250 million pounds of new ethylene capacity near the end of September, Patel said an announcement likely will come later this year on adding more production of polyethylene, which is the most common type of plastic.
The bountiful ethane that comes from natural gas liquids and U.S. shale production would become more scarce, according to the IHS report. Ethane is used to make ethylene, which which is the main building block for plastics.
LyondellBasell, which is operated out of Houston, announced early Monday that it entered into a definitive agreement to buy SJS Plastiblends PVT based in Maharashta, India. The terms of the deal were not disclosed in the announcement.
Jeffery G. Davis, retired CEO of the Brock Group, was unanimously named executive chairman after he recently joined the board as a part of the proxy battle settlement. The former chairman resigned earlier this year and CEO Joseph Milliron had served as the interim chair.
Exxon Mobil said the addition of another 20,000 barrels per day of capacity would be geared toward processing the types of lighter crude oils that are flowing from Texas’ and North Dakota’s shale wells.
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