US Dow Freeport cracker in Texas to cost $1.7bn

19 April 2012 19:08  [Source: ICIS news]

FREEPORT, Texas (ICIS)--US-based Dow Chemical’s new Freeport cracker in Texas will cost $1.7bn (€1.3bn), state Governor Rick Perry's office said on Thursday.

The price tag was mentioned in connection with the announcement of the location of the 1.5m tonne/year cracker.

Perry used the occasion to tout his state.

"This is the type of environment that they want to be associated with. This is where they want to do business," Perry said.

Dow CEO Andrew Liveris said: "I know when I get the red carpet, and I know when I get red tape," Liveris said. "I get the red carpet in the state of Texas."

As part of the deal, Dow will receive $1m through the state's Texas Enterprise Fund.

Dow said that the company would invest $4bn overall to grow its ethylene and propylene capabilities in the US Gulf Coast region.

($1 = €0.76)

By: Al Greenwood
+1 713 525 2645

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