Westlake will restart Kentucky oil refinery
Westtlake Chemicals, a Houston-based petrochemical company is restarting its Kentucky oil refinery complex. The petrochemical complex was shut down for the last fifty days after a what was described as ‘mechanical failure’. The complex in Calvert City has been offline since June 1.
After the shutdown profits of the Westlake plunged and the expenses rocketed. Westlake is supposed to report a $40 million loss for the period. Negative impact of the failure will affect Q2 and even Q3 earinings, according to the Westlake statement.
Westlake’s financial loss arrived when company was in the midst of acquiring its rival, Atlanta-based Axiall Corp., in a US$2.3 bln cash deal, or US$3.8 bln including the acquisition of debt.