Ascend Performance Materials defers the US$1.2 bln project Texas project

13-May-16
Ascend Performance Materials has put on hold its Texas PDH project planned at an investment outlay of US$1.2 bln with a planned production of 2 bln lbs of propylene monomer - feedstock to make polypropylene. The Ascend project at the Chocolate Bayou complex in Alvin, Texas, first was announced in early 2014 with an expected opening date of late 2016, which was later pushed back to 2019, as per Plastics News.com. “Given the uncertainty in the energy markets, we have put the project on pause,” a spokesman for Houston-based Ascend said in an email to Plastics News. “It’s important to understand that Ascend is not unique in this type of action in this environment. While now is not the right time to move forward, PDH continues to have strategic importance to Ascend and others,” he added. The company spokesman said that the firm’s PDH plant plans have been fully developed and include licensing, permitting and engineering. “We will continue to evaluate the timing of this project and we will continue to discuss with potential strategic partners,” he added.
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