THE WOODLANDS, Texas (March 28, 2011) - Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) today announced that it is advancing a feasibility study to construct a world-scale ethane cracker and ethylene derivatives at one of its existing facilities in the U.S. Gulf Coast region. The new facility would utilize the advantaged feed sources expected from development of shale gas reserves.
"We are finalizing our evaluation of potential sites and advancing discussions with EPC contractors," said Tim Taylor, COO for Chevron Phillips Chemical."Our company is already a leading light cracker operator in the U.S. Gulf Coast region and an established supplier of olefins, polyolefins, and alpha olefins globally. Our technology portfolio, organizational capability, integration with our parent companies, and petrochemical infrastructure make us uniquely suited to execute this potential investment."
"A project of this nature would afford Chevron Phillips Chemical an exciting opportunity to meet growing customer demand while at the same time supporting national, state, and local economies in a very meaningful way," added Taylor."We intend to expedite our development decisions to capitalize on the advantaged feedstock position that shale gas resources could bring to the chemical industry in the U.S." The feasibility study is expected to be complete by the end of 2011.
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 $7 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 www.cpchem.com.