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.
New plants coming online are set to drive industrial natural gas growth forward by more than three percent in the next two years, the U.S. Energy Information Administration said in an analysis Wednesday.
Milagro said in court papers Wednesday it had $1 million to $10 million in assets and $500 million to $1 billion in liabilities and that it couldn’t pay back its debt because its business became unprofitable as crude prices fell.
A federal judge in New Orleans could rule at any time on BP’s oil spill penalties, which could rise as high as $13.7 billion. BP has set aside just $3.5 billion for the fines, but Fitch said its rating adjustment assumes the judge will hand down the highest-possible penalty.
PBF Energy on Thursday announced plans to spend $322 million to buy a refinery and pipelines outside of New Orleans in a deal that gives the company a new footprint in the booming Gulf Coast refining corridor.
The factory would produce at least 1 billion pounds (450,000 metric tons) of resin a year and would be the U.S. polypropylene industry’s first world-scale project in about 12 years, said Mark Nikolich, a vice president at Braskem.
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