Petrochemicals group Sasol said it would delay its investment in a GTL (Gas-to-liquid) plant in the US as a result of falling oil prices.
The company said it would also be identifying other opportunities to reduce its costs over the next few years.
Sasol said it would still be proceeding with the construction of the ethane cracker and derivatives complex in Louisiana.
The company said: “Given the robust project economics, the Sasol team is confident that this facility is the first step in developing the site near Lake Charles into an integrated multi-asset, multi-business hub, which will enable future growth for several decades to come.”
The announcement was made on the same day oil major Shell said it had signed an $11billion deal for an Iraqi petrochemical plant.
The agreement was announced by Industry Minister for the country, Nasser al-Esawi, who said the Nibras complex was expected to come on line within the next five to six years.
The southern oil hub in the Basra region would make it the largest petrochemical producer in the Middle East.
The project was authorised by Iraq’s cabinet on January 13
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