Phillips 66 has no plans yet for more US Gulf petchem projects

11 June 2012 23:46  [Source: ICIS news]

HOUSTON (ICIS)--Phillips 66 has no immediate plans to develop more petrochemical plants to the US Gulf coast region beyond what has already been announced, a company spokesperson said on Monday.

The Financial Times reported on Monday that the US refiner and chemicals producer was considering investing in a second large new chemical plant in the US Gulf coast region to benefit from shale reserves.

ChevronPhillips Chemical, a Houston-based joint venture between Phillips 66 and Chevron, has already announced plans to develop a new 1.5m tonne/year ethane cracker at its Channelview complex in Texas, as well as two polyethylene (PE) facilities in the region, each with a capacity of 500,000 tonnes/year.

The Financial Times quoted Phillips 66 CEO Greg Garland as saying he was already starting to think about another project following the $5bn (€4bn) in already-announced projects.

However, company spokesperson Alissa Hicks said Garland was not discussing “something immediately down the road”.

($1 = €0.80)

By: Brian Ford
+1 713 525 2653

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