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Antero Resources to be Major Ethane Supplier for Ascent

Source: www.gulfoilandgas.com 3/26/2014, Location: North America

Antero Resources has signed an agreement to become the anchor ethane supplier for the Ascent petrochemical complex in Wood County, West Virginia. Under the Agreement, Antero intends to provide 30,000 Barrels per day of ethane to Ascent which represents almost half of the volume required to operate the Ascent ethane Cracker that is planned for the Parkersburg, West Virginia site. This agreement is contingent upon Ascent reaching a final investment decision once the multi-year feasibility analysis is completed and a construction decision has been made.

"The announcement highlights one of the important benefits of shale gas production and demonstrates Antero's commitment to the growth of downstream manufacturing in the Appalachian Region," said CEO Paul Rady . "We are excited to work with our partners at Odebrecht and Braskem to help position Ascent as a catalyst for regional economic development."

The ethane supplied by Antero will be utilized by Ascent to manufacture polyethylene, one of the key resins used in the production of plastics products.

"This announcement is exciting news for West Virginia and others in the industry must take note and follow Antero's lead. While we recognize there is still work ahead to bring Project ASCENT to fruition today's announcement is a major step forward," Gov. Tomblin said. "By utilizing the ethane produced in West Virginia here at home, we can revitalize our manufacturing industry for decades to come bringing thousands of new jobs and billions of dollars in investments to the Mountain State."

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