« BackNews: Could Motiva Invest $6.6bn To Expand Petrochemical Business In 2019?
Could Motiva Invest $6.6bn To Expand Petrochemical Business In 2019?
Motiva Enterprises LLC could potentially plough $6.6 billion (£5.2 billion) in petrochemical investments next year, in an attempt to expand its involvement in the industry.
The Houston subsidiary of Saudia Aramco, the national oil company in Saudi Arabia, has suggested it could invest $4.7 million in a steam cracker over the next few months at its Port Arthur refinery.
This would produce ethylene, which is used in the production of polyethylene, in addition to other petrochemicals, .
In addition to this, files handed to the Texas Comptroller’s Office have revealed it may also spend $1.9 billion on a site to produce benzene and paraxylene, which are by-products created in the production process of gasoline.
A spokesperson for Motiva Angela Goodwin revealed that no conclusion has been made about an expansion yet, saying: “Final investment decisions by the Board of Directors are not expected to be made until the end of 2019 and are dependent on strong economics, competitive incentives and regulatory support”.
However, she did confirm that Motiva is “actively exploring several opportunities along the Gulf Coast”.
If the Port Arthur projects do go ahead, it is thought construction would begin in 2020 and take two years to complete. They would also generate a lot of jobs in the area for both construction and petrochemical workers, creating 4,300 positions for the construction sector and 225 permanent vacancies.
This comes after Motiva, together with GetUpside, , which provides real-time fuel prices for 150,000 petrol stations in Canada, the USA, and Australia. This partnership will benefit GetUpside consumers who will be able to get cashback on their GasBuddy app when they purchase fuel.
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