LyondellBasell Provides Construction Updates For PO/TBA Plant
Zacks Investment Research | Nov 18, 2019 09:08PM ET
LyondellBasell Industries N.V. (NYSE:LYB) recently announced that the construction at its propylene oxide (PO) and tertiary butyl alcohol (TBA) plant is now more than 20% complete. Works at the facility are shifting to vertical assembly from foundation and infrastructure construction.
The 140-acre PO/TBA plant is currently under construction at the LyondellBasell Channelview Complex in Channelview, TX. A major milestone in terms of the project’s progress was recently highlighted by the delivery of a 25-story distillation tower, which is expected to be the tallest equipment installed.
The project promises a long-term value for investors. The company is on track to bring the world’s largest PO/TBA facility online in 2021. It may be noted that once operational, the PO/TBA plant will produce 470,000 metric tons of PO and 1 million metric tons of TBA per year.
Per a study by Greater Houston Partnership, the $2.4-billion PO/TBA project is expected to generate tax benefits worth more than $450 million for the county, community college, school district and other local taxing districts for a period of 10 years.
Moreover, the project is expected to create more than 2,200 construction jobs during the peak of construction along with 160 permanent positions.
Shares of LyondellBasell have gained 3.8% in the past year against the Original post
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