The Houston petrochemical company Lyondellbasell said it will move forward with its most expensive project ever near the Houston Ship Channel that would become the largest of its kind in the world.
According to local media reports Friday, the 2.4-billion-US-dollar plant would create some 2,500 construction jobs and 160 permanent positions, representing a continuation of the petrochemical boom along the US coast.
"This world-scale project is a key part of our organic growth strategy which is designed to meet rising global demand for both urethanes and cleaner-burning oxyfuels while creating real, long-term value for our shareholders," said Bob Patel, CEO of Lyondellbasell.
"Our investment in this plant combines the best of both worlds: our leading PO/TBA process technology with proximity to low-cost feedstocks, which gives Lyondellbasell a competitive advantage in the global marketplace for these products."
March 6, 2013: The Lyondellbasell oil refinery in Houston, Texas. /VCG Photo
The Houston area today boasts one of the world's greatest concentrations of petrochemical plants. Even the industry's expansion has slowed as projects have been completed, but it continues to attract investment from some of the world's biggest companies.
Houston is the most populous city in the state of Texas and the fourth-most populous city in the US.
(Source: Xinhua)
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