- 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.