THE WOODLANDS, TX (September 13, 2011) - Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) can confirm that an agreement has been reached with Sumika Polymers America Corporation, a wholly-owned affiliate of Sumitomo Chemical Company, Ltd., for the permanent shutdown of the polypropylene assets jointly owned by the parties in Phillips Sumika Polypropylene Company (PSPC) and the orderly wind-up of PSPC operations.
PSPC has announced that it intends to make the transition as smooth as possible and is working with its customers to assist during this period. All other operations at the Chevron Phillips Chemical Pasadena Plastics Complex are unaffected by the closing of the PSPC polypropylene plant at that facility.
"The company remains focused on running our operation safely for our employees and the community in which we operate. We are assessing the impact to employees affected by this closing and will work to redeploy as many as possible in other parts of our organization," said Tim Taylor, chief operating officer for Chevron Phillips Chemical.
Chevron Phillips Chemical Company LLC remains committed to the polypropylene business, and its network of marketing affiliates will market polypropylene produced by the Saudi Polymers Company (SPCo) joint venture scheduled to start up during the second half of 2011. SPCo is a limited liability company owned by Arabian Chevron Phillips Petrochemical Company Limited and National Petrochemical Company (Petrochem).
About Chevron Phillips Chemical Company LP
Chevron Phillips Chemical Company LP is a wholly-owned subsidiary of Chevron Phillips Chemical Company LLC, 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 4,600 people at 36 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 http://www.cpchem.com