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BASF recently announced the postponement of its propylene monomer project in Texas
.
On June 6, a spokesperson for BASF's Ludwigshafen office stated that the company decided to postpone its investment in the construction of a methane-to-propylene compound plant in Freeport, Texas, based on "current raw material price fluctuations and the overall economic environment".
Decided
.
Board member Wayne Smith added: "BASF will continue to pay attention to changes in raw material prices and related market conditions to determine the right time for the implementation of the project
.
" Compared with the initial announcement of the project's market conditions, lower oil prices have made the profitability of the propylene project less than expected
.
West Texas Intermediate crude oil was still more than US$100 per barrel in mid-2014, but as the supply of shale oil made by hydraulic fracturing increased, the price quickly fell
.
At the beginning of this year, the price of West Texas Intermediate crude oil almost bottomed out, approaching 35 USD/barrel.
Later, although there was a rebound, until June 6th, the market transaction price was still less than 50 USD/barrel
.
Once BASF’s statement on the delay of investment was announced, it indicated that all the 12 propylene North American investment projects scheduled to be postponed
.
In May of this year, the head of the Advanced Performance Materials Department confirmed that the original plan to invest 1.
2 billion US dollars to build a propylene project in Irvine, Texas has also been postponed
.
.
On June 6, a spokesperson for BASF's Ludwigshafen office stated that the company decided to postpone its investment in the construction of a methane-to-propylene compound plant in Freeport, Texas, based on "current raw material price fluctuations and the overall economic environment".
Decided
.
Board member Wayne Smith added: "BASF will continue to pay attention to changes in raw material prices and related market conditions to determine the right time for the implementation of the project
.
" Compared with the initial announcement of the project's market conditions, lower oil prices have made the profitability of the propylene project less than expected
.
West Texas Intermediate crude oil was still more than US$100 per barrel in mid-2014, but as the supply of shale oil made by hydraulic fracturing increased, the price quickly fell
.
At the beginning of this year, the price of West Texas Intermediate crude oil almost bottomed out, approaching 35 USD/barrel.
Later, although there was a rebound, until June 6th, the market transaction price was still less than 50 USD/barrel
.
Once BASF’s statement on the delay of investment was announced, it indicated that all the 12 propylene North American investment projects scheduled to be postponed
.
In May of this year, the head of the Advanced Performance Materials Department confirmed that the original plan to invest 1.
2 billion US dollars to build a propylene project in Irvine, Texas has also been postponed
.
