04 October 2009 16:16 [Source: ICIS news]
BERLIN (ICIS news)--Third Coast Chemicals is still in discussions over Dow’s ethylene oxide (EO) and ethylene glycol (EG) facilities at Wilton in the UK but a final deal has not yet been struck, a senior executive at the US company said on Sunday.
Martin Staley, EMEA vice president, was talking to ICIS news on the sidelines of the European Petrochemical Association (EPCA) meeting following a story in UK newspaper The Sunday Times which said government ministers were examining plans to inject cash into the project.
He said the company had been working on the take-over plan for 12 months until it stalled in May this year.
“It stopped at the end of May because we were unable to get commercial agreements in place,” Staley said.
Third Coast Chemicals was currently involved in discussions with the UK government and other interested parties to "assess the feasibility of the take-over". This was being coordinated by regional development agency the North East Process Industry Cluster (NEPIC).
“We have been asked to help,” said Staley. “We’re working with NEPIC to see if there is an opportunity that the plant can be saved.”
The Texas-based company's vice president, Jim Thompson, added: "It's about discussions and it's about scoping things right now."
The Sunday Times suggested that state agencies would cover most of the £50m (€55m, $80m) required to refit Dow’s facilities at Wilton.
But in a statement, Third Coast said: "There has been no formal request made by Third Coast Chemicals to the government for assistance."
The company's business unit involved in the deal was Singapore-based Chemical Specialties Ltd.
(€1 = £0.91, $1 = €0.69)
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