CHARLESTON, W.Va. -- A petrochemical complex in the Mountain State is closer to becoming a reality.
Appalachian Shale Cracker Enterprise purchased the SABIC Plastic Innovations plant located at 9226 DuPont Road in Wood County for roughly $11 million.
West Virginia Chamber of Commerce president Steve Roberts "couldn't be more thrilled" about the land acquisition.
"This is such good news," Roberts said. "This is really the cornerstone of what could lead to economic development in West Virginia."
Government officials along with Brazilian-based Odebrecht announced a potential plant complex in Washington along the Ohio River in November.
The complex, which would be known as Ascent -- Appalachian Shale Cracker Enterprise -- would include an ethane cracker plant, three polyethylene plants and associated infrastructure for water treatment and co-generation.
In November, Odebrecht officials did not announce financing details or how many potential jobs the project would create or when it would happen.
Roberts said the chamber perceives natural gas as a key component to revitalizing the chemical industry in the state.
West Virginia officials have recently tried, but have been unsuccessful, to attract a multibillion-dollar cracker plant to West Virginia. Last year, Shell opted to build a plant in southwestern Pennsylvania.
West Virginia has the fuel source beneath the soil and ability to supply a feedstock and transport the natural gas safely, Roberts said.
"If you have those things in your state or region, it's really the cornerstone of industrial development," Roberts said.