26 March 2014 19:48 [Source: ICIS news]
HOUSTON (ICIS)--US oil and natural gas company Antero Resources has agreed to become the "anchor ethane supplier" for the planned Ascent petrochemicals complex in West Virginia, it said on Wednesday.
Ascent is to be to be built by Brazil’s industrial conglomerate Odebrecht and operated by Brazilian petrochemicals major Braskem.
Under the agreement, Denver, Colorado-based Antero will provide 30,000 bbl/day of ethane, representing almost half of the volume required to operate Ascent’s ethane cracker at Parkersburg, West Virginia, Antero said.
The agreement is contingent on Ascent reaching a final investment decision "once the multi-year feasibility analysis is completed and a construction decision has been made", Antero added.
"[Wednesday's] announcement highlights one of the important benefits of shale gas production and demonstrates Antero's commitment to the growth of downstream manufacturing in the Appalachian region," said CEO Paul Rady.
The ethane to be supplied by Antero will be used by Ascent to produce ethylene and polyethylene (PE).
West Virginia Governor Earl Ray Tomblin said that the agreement marked "a major step forward" for the state in utilising its shale gas and ethane resources.
Additional reporting by Al Greenwood and Joseph Chang
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