In a statement to media outlets, the companies say a re-evaluation of the project's configuration is needed under current energy scenarios.
Gov. Earl Ray Tomblin's spokesman, Chris Stadelman, tells media outlets that the re-evaluation is understandable because of changes in worldwide energy markets and the magnitude of investment.
Cracker plants crack or convert ethane into ethylene, a widely used chemical compound. Ethane is a byproduct of natural gas drilling.
The proposed ASCENT project would include an ethane cracker, three polyethylene plants and associated infrastructure. The complex would be located in Wood County.
Stadelman says Tomblin and Commerce Secretary Keith Burdette will continue to work with the companies.