Thursday, November 14, 2013PARKERSBURG, W.Va. – Gov. Earl Ray Tomblin and Odebrecht, a Brazilian company that employs 190,000 in 26 countries, today announced that Odebrecht will explore the development of a new petrochemical complex in Wood County, W.Va. The complex, Ascent -- Appalachian Shale Cracker Enterprise -- would include an ethane cracker, three polyethylene plants, and associated infrastructure for water treatment and energy co-generation.
A purchase option on the anticipated project site in Parkersburg has already been secured.
“Although we realize much work remains to be done, this announcement of a potential project is tremendous news for our state and our region. I appreciate the hard work of my team from the development office and the Ascent team members who have come together to explore this investment. I look forward to working closely with them to help bring the project to fruition,” Gov. Tomblin said.
Ascent’s feasibility will depend on several important variables, including the contracting of long-term ethane supply, as well as financing, regulatory approvals, and appropriate governmental support.
Odebrecht will lead Ascent’s investment and financing, as well as the operation of water and electric utilities. “Project Ascent fits within Odebrecht’s commitment to be a partner in development in the regions where we operate,” stated Fernando Reis, CEO of Odebrecht Environmental. “Moreover, Ascent fits into the strategy of our utilities division, which seeks to invest and manage industrial assets.”
Braskem, a Brazilian company that produces thermplastic resins at 36 plants in Brazil, the United States and Germany, would be responsible for petrochemical-related activities as well as the commercialization of the polyethylene after the investment is completed, according to the announcement.
“As the United States’ leader in polypropylene production and with a significant footprint already in the region, we are excited about today’s announcement,” stated Fernando Musa, CEO of Braskem America. “Should Ascent materialize we look forward to serving our clients in the polyethylene market.”
Odebrecht, founded in 1944, describes itself as Latin America’s leader in engineering and construction, chemicals and petrochemicals, and also operates in the areas of bioenergy, water utilities, defense, real estate, oil & gas, ship-building, and transportation and logistics. Odebrecht exports products and services to more than 70 countries worldwide. It reported global revenues equal to $41.3 billion in 2012.
Braskem, produces more than 35 billion pounds of thermoplastic resins and other petrochemicals per year. The company describes itself as the world’s leading biopolymers producer with its 440 million pound green polyethylene plant that produces polyethylene from sugarcane-based ethanol.
SOURCE: Office of West Virginia Gov. Earl Ray Tomblin.
Published by The Business Journal, Youngstown, Ohio.
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