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Friday, January 30, 2015
Petrochemical giant out of South Africa, Sasol, has decided to delay taking a final investment decision (FID) on its proposed GTL facility in Louisiana. The decision to hold back on taking the FID on the $14 billion plant is based on falling oil prices.
The GTL plant would be part of a $21-billion Westlake Complex and while the GTL facility is put on hold Sasol is still moving forward with the first phase of the complex. Phase one at Westlake consists of an $8 billion ethane cracker which is slated to begin operating in 2018.
“Albeit at a much slower pace, we will continue to progress the U.S. GTL facility,” Sasol president and CEO David Constable said in a news release. “This will allow us to evaluate the possibility of phasing in the project in the most pragmatic and effective manner. North America and our home base in Southern Africa remain strategic investment destinations for Sasol.”
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