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Monday, September 17, 2012

Baker Hughes' Massillon Plans Hazy as Natural Gas Prices Continue to Lag

From the Canton Repository:
A temporary cement plant will be constructed in the first phase of Baker Hughes Oilfield Operations’ Utica shale regional hub at the Northeast Ohio Commerce Park.
Beyond that, the company’s intentions are unknown, but one local official with an understanding of the company’s plans believes it is not a matter of if, but when, the Houston-based oil and gas service provider embarks on the $64 million facility it once intended to construct.
The project has been scaled back steadily during the last year. When official details were unveiled by the state in late February, Baker Hughes planned to build a $40 million facility with an additional $24 million investment in machinery and site improvement and hire 700 employees over seven years. At the time, the company said the total commitment to Ohio would be $340 million.
But documents from JobsOhio, the state’s private economic development arm, in early February provided to the city prior to Baker Hughes’ formal announcement suggested that as many as 900 workers would be hired within the first three years of operations and that the total investment in the state would be around $564 million.
Time will tell what actually happens with Baker Hughes facility in Massillon.  Read the rest of the Repository article here, including some details on how Chesapeake Energy's activities will have a bearing on what happens with Baker Hughes.

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