![]() Chemical prices and profits have plunged or the past year as new plants and new supplies of chemicals, particularly those related to plastics, have come online and a supply glut has begun to emerge. The expansions come as the outlook for the petrochemical industry has grown gloomy. On : Petrochemical downturn expected to hit in coming years Ineos also is considering an $803 million expansion at at its La Porte chemical plant. Ethylene oxide is used to make ethylene glycol, which is used to make polyester fiber for clothes, upholstery, carpet and pillows and the blending of automotive engine antifreeze. Ineos Oxide, a subsidiary of Ineos, will build new ethylene oxide and associated ethylene oxide derivatives units with the capacity to produce 1.2 billion pounds (about 520,000 metric tons) of the chemicals. The London petrochemical company Ineos, owned by Britain’s richest man, also recently made a final decision to expand its Chocolate Bayou plant in Alvin, south of Houston. ![]()
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