Vessel carries 25 million pounds of ethylene for Marubeni Corp.
Most traders are anticipating a cyclical acceleration in oil and energy consumption this year as the manufacturing and freight sectors put last year’s slowdown behind them.
The decision, in effect for a year, could increase US petrochemical exports to China.
Not only will the ethane cracker be supplied by the Marcellus and Utica shales, but the customers for its polyethylene are within a 700-mile radius.
Officials reported all workers were accounted for and three workers were injured in an early morning explosion at TPC Group’s refinery in Port Neches, Texas. The blast was reportedly that felt more than 30 miles (48 kms) away from the plant, a law enforcement official told Reuters.