Record high prices trigger European gas demand destruction Platts South Korea Daily report, November 18,2021. PP imports to Ukraine remained steady in January-October. Methanex posts regional contract methanol prices for Europe, North America, Asia and China.Ĭhina’s Sinopec processes crude into olefins at Tianjin.Īsian R-PET demand outpaces supply on feedstock shortage. Iran to build pipeline to move oil products northeast Centered on a 2 million metric tons/year (MMt/y) ethylene plant, the project would also include two downstream 1 MMt/y HDPE plants.Ĭhina HDPE: Final review of 2021 and a further outlook for this year At the time, they expected FID by 2021 and completion in 2024.ĬPChem would hold a 51% share, provide project management and oversight, and be responsible for the operation and management of the facility.
According to a local newspaper, The Beaumont Enterprise, Orange County authorities have approved a 10-year, 100% tax break for the project that must enter effect no later than 1 January 2024.ĬPChem and QP announced the USGC II Petrochemicals Project in July 2019. Orange, Texas, where CPChem already has two high-density polyethylene (HDPE) plants, remains the preferred location for the project, says the company. “In light of uncertainty created in the wake of the COVID-19 pandemic, our company intends to defer a final investment decision while it revisits market conditions and project fundamentals.” The company says it has not set a new date for FID. “As with other capital-intensive activities, we are closely monitoring economic developments and moderating timing to preserve optionality on this project,” says a statement from CPChem. Front-end engineering and design (FEED) of the project continues. The company cites uncertainty created by the COVID-19 pandemic. Petrotahlil - Chevron Phillips Chemical (CPChem The Woodlands, Texas) says it will take longer than originally planned to make a final investment decision (FID) on the USGC II Petrochemicals Project, an $8-billion joint venture with Qatar Petroleum (QP Doha, Qatar).
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