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Shell plans to complete construction at Pennsylvania petchem project by 2022: CEO

Highlights

Previously expected to finish in H1 2021

Timeline is for completion by 2022: CEO

New York — Shell Chemical announced that construction at its $6 billion petrochemical complex in Pennsylvania is expected to be completed in 2022, Shell CEO Ben Van Beurden said during an earnings call Feb. 4.

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Shell previously expected the Pennsylvania project to start up in the first half of 2021 after suspending work in mid-March 2020 due to coronavirus pandemic concerns.

The project includes a 1.6 million mt/year cracker and three polyethylene plants with a combined capacity of 1.6 million mt/year.

The Pennsylvania project has had its challenges last year, Van Beurden said during the call.

"We are back to almost full complement on site. It will be probably impossible to catch up the delays that we've had, but nevertheless, I think it is going very, very well at the moment. And the timeline, think of 2022," he said.

Shell reported a $4.478 billion loss in Q4 2020, down from a $871 million profit in the year-ago quarter. For the year, the company reported a $19.9 billion loss, compared to a $15.27 billion profit in 2019. Shell's chemical segment reported $367 million in earnings for the quarter, up from a $79 million loss in the year-ago period. Annual chemical earnings reached $808 million, up 69% from $479 million in 2019, reflecting higher prices in the fourth quarter on lower volumes in the COVID-19 pandemic environment.