Axiall Delays Decision On New Plant In Westlake
WESTLAKE, LA (AP) — Citing volatility in U.S. markets, another petrochemical company has decided to delay its decision to build a plant here.
The American Press’ Frank DiCesare reports that Paul Carrico, president and CEO of Axiall, announced Friday that the company and its joint venture partner, Lotte Chemical of South Korea, have agreed to postpone a final investment decision to build an ethane cracker at Axiall's Westlake plant.
Last February, Axiall and Lotte Chemical signed an agreement to build a $2 billion ethane cracker.
Axiall's announcement comes less than a month after Sasol executives chose to delay their $14 billion gas-to-liquids project in Westlake.
Carrico said uncertainty in U.S. energy, feedstock and labor markets prompted the decision. He did not indicate when Axiall expects to reach a final decision on its ethane cracker project.