BARTLESVILLE, Okla. — Phillips 66 is considering investing in a second new petrochemical plant in the Gulf of Mexico region, The Financial Times reported.
CEO Greg Garland said the company is looking to benefit from the cheap feedstock in North America made available by rising shale production.
“After the Middle East, the U.S. is the next best place to make petrochemicals, because of the advantaged feedstock, and we see that continuing for some time,” Garland said.
A final decision to build the new plant could be made in three years’ time, according to Garland.
READ MORE: Phillips 66 set to debut as refining and chemical industry player