Chevron Phillips Chemical Completes Acquisition of Neste PAO Plant in Belgium

​THE WOODLANDS, Texas (November 30, 2011) – Chevron Phillips Chemical International NV, a wholly owned subsidiary of Chevron Phillips Chemical Company LLC (Chevron Phillips Chemical), today announced that it has successfully completed the acquisition of a polyalphaolefin (PAO) plant located in Beringen, Belgium from Neste Oil, NV, an indirect wholly owned subsidiary of Neste Oil Corporation.

“By closing this transaction we have created a unique position for Chevron Phillips Chemical Company,” said Dennis Holtermann, general manager of normal alpha olefins and polyalphaolefins for Chevron Phillips Chemical. “The addition of this plant to our existing production capabilities enables us to better service the growing demand for PAOs that are used in high performance lubricants and other applications.”

 

About Chevron Phillips Chemical Company LLC
Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. The LLC and its affiliates own over $8 billion in assets and employ approximately 4,700 people at 40 manufacturing and research facilities in eight countries. Chevron Phillips Chemical Company LLC is equally owned by Chevron Corporation and ConocoPhillips, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com.