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Williams Partners to start ethylene sales in mid-August
17
Jun '14
Williams Partners L.P. is hoping to commence ethylene sales in mid-August after its Geismar plant restarts in late July, instead of the previous expectation of late June, the company said in its latest 2014 Financial Guidance Update.
 
“The Geismar plant rebuild and expansion projects are targeted for initiation of startup in late July. Williams Partners’ financial guidance assumes ethylene sales commencing in mid-August,” the statement said.
 
The company attributed the delay in startup of the Geismar plant, based in Louisiana in the United States, to lower than planned construction labour productivity and other factors on both the rebuild and expansion projects.
 
As a result of such delay, the Geismar expansion project capital spending is expected to increase to US$ 715 million, up $65 million from previous guidance.
 
About a year ago, the Geismar facility was taken offline for investigatory work after a fire incident, which resulted in the death of two employees and injuring 70 others.
 
However, the company was able to go ahead with expansion activities outside the affected portion of the plant.
 
In May this year, the insurers approved $50 million of the most recent claim-payment request of $200 million. Upon receipt of such $50 million, expected in June, the total insurance receipts to date will be $225 million, according to the company.
 
“Williams Partners continues to work with insurers in support of all claims, as submitted, and is vigorously pursuing full payment,” the company said.
 

Fibre2fashion News Desk - India

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