April 27, 2018 / 6:41 PM / a year ago

UPDATE 1-Phillips 66 expects late 2019 investment decision on ethane cracker -CEO

(Adds Garland quote)

HOUSTON, April 27 (Reuters) - Phillips 66 expects a final investment decision on building an ethane cracker on the U.S. Gulf Coast by joint-venture Chevron Phillips Chemical Co by late 2019, Phillips 66 Chief Executive Greg Garland said on Friday.

Chevron Phillips, a petrochemical joint venture between Chevron Corp and Phillips 66, recently started up a 1.5-million-ton-per-year ethane cracker at its Baytown, Texas, plant and is considering adding a second similar sized unit along the Gulf Coast.

“It seems like appropriate timing to us in terms of (a final investment decision) in late ‘19 and really get started in earnest in ‘20 and ‘21 in the construction,” Garland said during a conference call with Wall Street analysts to discuss first-quarter earnings. (Reporting by Erwin Seba Editing by Tom Brown)

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