Antero Resources to become major ethane supplier for Ascent - Beckley, Bluefield & Lewisburg News, Weather, Sports

Antero Resources announces it will become major ethane supplier for Ascent

Posted: Updated:
Antero Resources CEO Paul Rady Antero Resources CEO Paul Rady
David Peebles, VP Business Development, Odebrecht Braskem David Peebles, VP Business Development, Odebrecht Braskem
  • Local NewsLocal NewsMore>>

  • Woman suffers minor injuries after car rolls on I-77 in Raleigh County

    Woman suffers minor injuries after car rolls on I-77 in Raleigh County

    Wednesday, July 30 2014 10:13 PM EDT2014-07-31 02:13:55 GMT
    Car rolled multiple times on I-77 North in Raleigh County.Car rolled multiple times on I-77 North in Raleigh County.
    In Raleigh County, a woman is miraculously not seriously injured, after her car rolls over on I-77 around 6:30 Wednesday night.An eyewitness tells us the woman was driving in the left lane on the northbound side. She suddenly veered off the road, over corrected,then slammed into the side of a tractor trailer. The car rolled multiple times before coming to a stop on it's roof.The witness says two small dogs ran out of the car. Moments later, the woman crawled out and ran after one of the dogs....
    In Raleigh County, a woman is miraculously not seriously injured, after her car rolls over on I-77 around 6:30 Wednesday night.An eyewitness tells us the woman was driving in the left lane on the northbound side. She suddenly veered off the road, over corrected,then slammed into the side of a tractor trailer. The car rolled multiple times before coming to a stop on it's roof.The witness says two small dogs ran out of the car. Moments later, the woman crawled out and ran after one of the dogs....
  • UPDATE: Suspect in custody in connection with Montcalm shooting

    UPDATE: Suspect in custody in connection with Montcalm shooting

    Thursday, July 31 2014 7:16 PM EDT2014-07-31 23:16:53 GMT
     Emotions were high in Montcalm on Thursday following a shooting. Neighbors were not surprised to hear of the shooting in their area, because they say, violence is unfortunately all too common in their neighborhood.
    Emotions were high in Montcalm on Thursday following a shooting. Neighbors were not surprised to hear of the shooting in their area, because they say, violence is unfortunately all too common in their neighborhood.
  • Environmentalists talk about Mountain Top Removal as Coal Miners Protest in Pittsburgh

    Environmentalists talk about Mountain Top Removal as Coal Miners Protest in Pittsburgh

    Thursday, July 31 2014 6:59 PM EDT2014-07-31 22:59:03 GMT
    As hundreds of coal miners protest in Pittsburgh over the hearing on E-P-A regulations, 59News talks to an Environmental group to get both sides of the controversy."Coal River Mountain Watch" is a non-profit organization organization, out of Whitesville, Raleigh County.The organizations mission is to stop the destruction of our communities and environment by mountain top removal mining, to improve the quality of life in our area and to help rebuild sustainable communities.Mike Roselle a membe...
    As hundreds of coal miners protest in Pittsburgh over the hearing on E-P-A regulations, 59News talks to an Environmental group to get both sides of the controversy."Coal River Mountain Watch" is a non-profit organization organization, out of Whitesville, Raleigh County.The organizations mission is to stop the destruction of our communities and environment by mountain top removal mining, to improve the quality of life in our area and to help rebuild sustainable communities.Mike Roselle a membe...
CHARLESTON, WV -

Antero Resources announced March 26 it has signed an agreement to become the anchor ethane supplier for the proposed Ascent petrochemical complex in Wood County.

Under the agreement, Antero intends to provide 30,000 barrels per day of ethane to Ascent, almost half of the volume required to operate the cracker near Parkersburg.

The agreement is contingent on Ascent reaching a final investment decision once a multi-year feasibility analysis is complete and a construction decision is made.

The ethane supplied by Ascent would be used to manufacture polyethylene, a key resin used in the production of plastic products.

"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 Antero CEO Paul Rady in a press release. "We are excited to work with our partners at Odebrecht and Braskem to help position Ascent as a catalyst for regional economic development."

"While we recognize that there is still work ahead to bring Project ASCENT to fruition, this announcement is a major step forward," Gov. Earl Ray Tomblin said in a news release from Antero. "We can revitalize our manufacturing industry for decades to come – bringing thousands of new jobs  and billions of dollars in investments (to West Virginia)."

Rady expressed Antero's pleasure with the project.

"West Virginia is a great place to do business," Rady said. "We appreciate our partnership with Odebrecht.

"We want growth, jobs and prosperity for this region. We also want the revitalization of the chemical and plastics industries, to take advantage of the abundant resources in the Marcelleus and Utica shales. We believe that Ascent will be the catalyst for the development of this industry.

"We believe in this Ascent project and have made it a priority." 

David C. Peebles, vice president of business development of Odebrecht Braskem, explained the significance of the partnership with Antero Resources.

"Our group is in need of the ethane so we can operate a cracker," Peebles said. "Antero will be a major supplier for us.

"It's a first step, a big step," he added. "We need a pool of suppliers, so that we can have security supply. This is one of the very fundamental steps for us to evaluate the feasibility of the project. 

"Without this, you can't go forward. There are other elements to look at, such as cost to build, the market that we're going to build for, but this is a big step. We need other suppliers to do the same as Antero." 

In order for the cracker to begin operating, more infrastructure is needed.

"The big needs for us are what we call the off ramps and the pipelines," Peebles said. "We need to get the ethane to our site in Parkersburg. There are two areas – one is Seneca and one is Sherwood. We need a pipeline from these areas to our site. We have the supply, now we need the pipeline in terms of infrastructure.

"If you talk about the downstream petrochemical business, and the potential for manufacturing, you have to have a cracker. It's a key, critical element for manufacturing. Otherwise, you're not going to have the polyethylene that manufacturers need to build."