NPRA '08: No restart for Petromont Canada plants

01 April 2008 17:06  [Source: ICIS news]

SAN ANTONIO, Texas (ICIS news)--Canada’s olefins and polyolefins maker Petromont is unlikely to restart its plants in Quebec province that are due to be mothballed at the end of April, a government official said on Tuesday.


Petromont on 12 February unveiled plans to suspend operations in Varennes and Montreal, citing the strong Canadian dollar and high feedstocks.


“They will probably dismantle the plant and sell the assets,” a Canadian government official said on the sidelines of the National Petrochemical & Refiners Association (NPRA) annual meeting.


Petromont is a limited partnership between Dow Chemical and an arm of the Quebec government.


The company had previously said it would not dismantle its assets, but rather keep the units mothballed until economic conditions changed.


Dow Chemical in December said it planned to write down its Petromont plants as part of a global plan to cut costs.


For more on olefins visit ICIS chemical intelligence


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By: William Lemos
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