Backers of an underground natural gas liquids storage hub slated for the Appalachian region received some good news early in the new year. The Appalachia Development Group LLC, which is heading the project, gained approval for the first application phase for a $1.9 billion loan from the U.S. Department of Energy, according to an article from WHSV.
The Appalachia Storage & Trading Hub is reportedly billed as a major job creator for the chemical industry in struggling Appalachia. According to the article, the American Chemistry Council estimates the facility could bring in up to $36 billion in new chemical and plastics industry investment and create 100,000 new area jobs. The large-scale project, years in the making, will reportedly require several more before it comes to fruition, says company CEO Steve Hedrick, with no timetable confirmed regarding the second phase of the application.
Read more about the project here.