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BASF postpones decision on Texas natural gas-based propylene plant

Jun. 06, 2016 6:48 PM ETBASF SE (BASFY) StockBy: Carl Surran, SA News Editor
  • BASF (OTCQX:BASFY) said today that it would postpone a final investment decision on building a propylene plant in Freeport, Tex., because of volatile commodity prices, a possible sign that the U.S. Gulf Coast petrochemical building boom is cooling.
  • "The economics just aren't as good as BASF would have hoped," says Peter Fasullo of the En*Vantage petrochemical consultancy. "I just don't think the market's there like it was when the decision was made to build 3-4 years ago."
  • Nearly $50B in petrochemical projects have been announced in Texas over the last decade, with Exxon Mobil and LyondellBasell among the largest companies to announce construction plans.

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