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Chevron Phillips will make FID for the new cracker

 Last Update: 2021-08-28
 Source: Internet
 Author: User

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According to a report from ICIS-MRC website in Moscow on August 13, recently, Global Standard & Platts referred to a statement by Phillips66 CEO Greg Garland in early August that Chevron Phillips Chemical The company (Chevron Phillips Chemical) will make a final investment decision (FID) for a new cracking plant in a remote area of southeastern Texas in 2022, and then in 2023, it will invest in a US$8 billion petrochemical joint venture on the Gulf Coast of the United States.
The factory makes FID
.

During the Phillips 66 second-quarter earnings conference call, an analyst asked about the progress of these projects, each of which included a new cracker
.

He stated on the company's second quarter earnings conference call that CP Chem is "considering next year's FID" to find a new cracker to be built on the Gulf Coast of the United States, and the Qatar project is about a year later
.

Garland said that since the company launched these projects in 2019, market fundamentals have "substantially improved", and it will take about four years from FID to launch
.

We have made progress in these areas

Garland pointed out that although the global market has improved after the worst impact of the coronavirus in 2020, there is still some chaos in the world economy
.

Due to the uneven global vaccination rates, the spread of delta mutations has increased uncertainty

According to Garland, we hope to see a clearer path to fully solve the problem of economic recovery from the new crown epidemic
.

Let the delta mutation and any other mutations lag behind us

According to the December 2018 document released by the Texas State Audit Office in January 2019, this potential cracking project in southeastern Texas, including at least one derivative equipment, is estimated to cost $2.

The document did not disclose the production capacity of these plants or more details, but pointed out that the company is evaluating other proposed locations in Texas and Louisiana

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