ExxonMobil to make final decision on US cracker project in Q2 2013

26 July 2012 17:43  [Source: ICIS news]

HOUSTON (ICIS)--ExxonMobil expects to make a final investment decision on its planned 1.5m tonne/year ethane cracker project in Texas in the second quarter of 2013, an official said on Thursday.

ExxonMobil investor relations vice president David Rosenthal said in an earnings call that the government approval and review process for the project at the company’s complex in Baytown, Texas, would likely take about a year. The project was announced last month.

The ethane cracker will provide ethylene feedstock for two new 650,000 tonne/year polyethylene (PE) lines after its anticipated start-up in 2016.

Rosenthal also said that ExxonMobil’s second-quarter chemical margins improved sequentially from the first quarter, mainly because of lower feedstock costs. However, chemical volumes were down, mainly because of weaker demand in Europe, he said.

Earlier on Thursday, ExxonMobil reported a 9.7% year-on-year improvement in second-quarter chemical earnings as a gain from restructuring the company's business in Japan more than offset declines in chemical margins and volumes.

By: Stefan Baumgarten
+1 713 525 2653

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