The company postpones building the Freeport plant due to volatile commodity prices.
BASF is postponing its plans to build a methane-to-propylene plant in Freeport, Texas because of volatile commodity prices, according to an article from Hydrocarbon Processing. The drop in oil prices – reportedly more than 50% from 2014 highs – has hurt profits at some chemical plants, and BASF’s decision could signal a possible slowdown of the region’s petrochemical building boom.
The surge in domestic oil and gas production in Texas over the last decade has spurred announcements of nearly $50 billion in petrochemical projects, according to the article. Dow Chemical reportedly brought a similar plant online recently and companies including LyondellBasell, Exxon Mobil, Enterprise Product Partners LP and Formosa Plastics Corp. all have announced construction plans.
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