Area business briefs
BP issues economic, environmental report
BP’s business activities in the U.S. helped generate more than $147 billion in economic impact in 2012 and support more than a quarter million American jobs, the company’s Group Chief Executive Bob Dudley said Thursday.
BP on Thursday released its U.S. Economic Impact Report 2013 indicating the company last year spent $25 billion with more than 15,000 vendors across the country. That, coupled with U.S. investment of $55 billion of capital since 2008, make BP America’s top energy investor. The report indicates the company employs more than 20,000 nationwide.
BP’s business investments in the U.S. include oil and natural gas production, fuel refining, chemical production, lubricants, shipping, trading, renewable energy and cutting-edge technology research and development.
As the second-largest producer of oil and gas in the U.S. in 2012, BP produced more than 675,000 barrels of oil equivalent a day. The company’s three northern tier refineries in Ohio, Indiana and Washington can process more than 725,000 barrels of oil per day.
BP holds mineral rights on thousands of acres in northern Trumbull County.
Shale petrochemical plant proposed for W.Va.
PARKERSBURG, W.Va. – Gov. Earl Ray Tomblin and Brazilian company Odebrecht announced Thursday the company’s plans to explore development of a petrochemical complex near Parkersburg.
The complex, being called Ascent, for Appalachian Shale Cracker Enterprise, would include an ethane cracker, three polyethylene plants and associated infrastructure for water treatment and energy co-generation. A purchase option on the anticipated project site in Parkersburg has already been secured.
Ascent’s feasibility will depend on several important variables, including the contracting of long-term ethane supply, as well as financing, regulatory approvals, and appropriate governmental support.
Odebrecht will lead Ascent’s investment and financing, as well as the operation of water and electric utilities.
“Project Ascent fits within Odebrecht’s commitment to be a partner in development in the regions where we operate,” stated Fernando Reis, CEO of Odebrecht Environmental. “Moreover, Ascent fits into the strategy of our Utilities division, which seeks to invest and manage industrial assets.
Avalon Holdings releases results for third quarter
HOWLAND – Avalon Holdings Corporation on Thursday announced financial results for the third quarter of 2013.
Net operating revenues in the third quarter of 2013 were $16.4 million compared with $13.2 million in the third quarter of 2012. The Company recorded net income of $400,000, or 11 cents per share for the third quarter of 2013 compared with net income of $100,000, or 2 cents per share for the third quarter of 2012.
The company provides waste management services to industrial, commercial, municipal and governmental customers in selected northeastern and midwestern U.S. markets. Avalon Holdings Corporation also owns the Avalon Golf and Country Club, which operates golf courses and related facilities.
Valerus receives equipment contract
A Houston-based company with ties to the Mahoning Valley has been awarded a contract from Pittsburgh-based EQT Corporation to assemble large horsepower components in a Pennsylvania facility beginning this month.
Valerus, billed as one of the world’s leading providers of integrated oil and gas handling and processing equipment, partners with Youngstown-based Brilex Industries for local manufacture of equipment needed to process oil and gas produced from the nearby Utica and Marcellus Shale Plays. The partnership was announced earlier this year.
Thursday, a Valerus spokesman said Brilex and Valerus are working together to explore whether the scope of the new supply contract will be viable for both companies. The contract calls for Valerus to provide 15,000 HP of compression for two compression stations in southwest Pennsylvania.