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BASF indefinitely postpones FID on methane-to-propylene site in Texas
HOUSTON, June 6, 2016 (PCW) –- BASF on Monday said it was indefinitely postponing making a final investment decision on a proposed methane-to-propylene site at its Freeport facility in Texas.
The company cited “the current volatility of raw material prices and the prevailing economic environment” as reasons behind the postponement.
BASF had initially budgeted the 475,000 mt/yr (1.05 billion lb/yr) unit at $1.4 billion.
“On-purpose production of propylene based on favorable U.S. shale gas is interesting for BASF. We will regularly review the development of raw material prices and the relevant market conditions to determine the right point in time to commence such a major investment,” said Wayne T. Smith, member of the Board of Executive Directors of BASF SE. -- Samantha Hartke