Axiall Plans Put on Hold — Low Petro Prices to Blame
Everyone loves paying less at the pump, but low oil prices are having a negative impact on plans for a boom to the economy in this area.
Right now a few of the proposed projects are being put on hold due to falling energy prices and we can now count the Axiall project among those being held up by those low petro prices.
The petrochemical company has decided to delay its final investment decision to build an ethane cracker at Axiall's Westlake plant beyond the first quarter of this year.
According to Axiall spokesman Chip Swearngan , "The decision comes after uncertainty in U.S. energy, feedstock and labor markets. Axiall and its partner are both seeking additional time for clarity and analysis in these areas,"
It is still unknown when Axiall will reach a final decision on the project. The unit could produce 2 billion tons of ethylene per year.