22 May 2013 22:00 [Source: ICIS news]
HOUSTON (ICIS)--US-based major Dow Chemical plans to reduce its investments in alternative energy and alternative feedstocks, the company's chief financial officer said on Wednesday.
The company did not specify which specific investments it would reduce.
However, among Dow's more prominent alternative energy products is its POWERHOUSE solar shingles.
The company also produces epoxy resins, which are used to make wind turbines.
Although Dow is reducing investments on alternative feedstocks and energy, it is priortising growth in operations that have a feedstock advantage, said Bill Weideman, chief financial officer.
Weideman made his comments at the Goldman Sachs Basic Materials Conference.
The company is building a cracker and a propane dehydrogenation (PDH) unit at its complex in Freeport, Texas.
The on-purpose propylene plant should start operations in 2015, and Dow will use all of its output internally, Weideman said. The company currently buys about half of the propylene it uses in the US.
The cracker should start operations in 2017, he said.
About 20% of the cracker's output will go to a joint venture made up of Mitsui and Idemitsu Kosan.
The joint venture plans to build a 330,000 tonne/year alpha olefins plant in Freeport, on land owned by Dow Chemical.
Weideman said Dow will use the octene produced by the joint venture to make polyethylene (PE).
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections