Trump plans roads as biggest US asphalt plant shuts
Refiners sceptical that infrastructure expenditure will lead to a rise in demand of asphalt
Calgary
AXEON Specialty Products LLC is shuttering the US largest asphalt refinery when the country might need it the most.
The Stamford, Connecticut-based company announced last month it plans to close its Paulsboro, New Jersey, refinery, and convert it into a terminal. The planned shutdown comes as President Donald Trump has pledged to build new roads, highways and bridges across the country. The US would need 63 per cent more asphalt than it consumes now just to pave roads at the rate it reached a decade ago, Energy Information Administration data shows.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
China could hinder BHP’s bid to become copper’s top producer
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data