28 November 2012 09:04 [Source: ICIS news]
DUBAI (ICIS)--Competitive gas pricing will become the biggest game changer for the petrochemical industry in the US, Peter Huntsman, president and CEO of Huntsman Corp, said on Wednesday.
Competitively priced gas through the development of shale gas will be the key to the future of energy and manufacturing in the US, he told the delegates of the seventh annual Gulf Petrochemicals & Chemicals Association (GPCA) forum.
US petrochemical producers will benefit in the “incredibly” dynamic next few years, with the possibility of building large-scale facilities, Huntsman added.
He expects a lot of “new capacity” to be built in the US following the availability of shale gas, which will also help to boost employment.
Huntsman said 9m-12m tonnes/year of new ethylene capacity have already been announced.
Amid the new energy environment, investment in the sector has risen to $145bn (€112bn) in 2012 from just $13bn in the year 2000.
The 7th GPCA conference is a three-day event ending on 29 November.
($1 = €0.77)
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