Westlake's Lake Charles expansion on track

OREANDA-NEWS. Westlake's planned 250mn lb/yr expansion of its Petro 1 ethylene unit at its Lake Charles, Louisiana plant is on schedule for completion in the first half of 2016, chief executive Albert Chao told analysts today on the company's quarterly earnings call.

Westlake's first quarter profits totaled \\$1.46mn, down \\$11mn compared to the prior year, amid lower sales prices for ethylene. External sales in its olefins segment fell 19.3pc from 2014 to \\$583mn in the first quarter. Sales in its vinyls segment rose 71pc year-over-year, attributable mainly to PVC sales from its newly acquired Vinnolit business.

Sales in Westlake's olefins segment saw a 7.6pc sales volume increase but a 26.9pc decline in average prices amid overall weakness in global crude market. Westlake's vinyls segment saw a 79.7pc increase in sales volume even as average sales prices fell 9pc.