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Oxy/Mexichem ethylene plant in commissioning stages; 1Q commercial ops expected
HOUSTON, February 9, 2017 (PCW) – Occidental Petroleum’s joint-venture ethylene plant with Mexichem at Ingleside is in the commissioning stages and is still on track for commercial operations start-up in the first quarter, executives said Thursday.
The cracker will have an ethylene production capacity of 1.2 billion lbs/yr; it is expected to consume about 32,000 b/d of ethane.
Occidental on Thursday also reported a 4Q net loss of $272 million, compared to a loss of $5.178 billion during the same period a year ago, reflecting the recovery of commodity prices during the quarter.
The chemicals segment saw pre-tax results of $152 million in 4Q, compared to a $5 million loss in 4Q 2015, due to higher caustic soda prices and improved vinyl margins as a result of lower ethylene costs. -- Samantha Hartke