Chevron Phillips Chem, Qatar Petroleum to Develop Petrochemical plant on U.S. Gulf Coast
July 09 2019 - 1:44PM
Dow Jones News
By Chris Wack
Chevron Phillips Chemical Company and Qatar Petroleum have
signed an agreement to jointly pursue development of a new
petrochemical plant in the Gulf Coast region of the U.S.
The companies said that the U.S. Gulf Coast II Petrochemical
Project, or USGC II, will include a 2,000 KTA ethylene cracker and
two 1,000 KTA high-density polyethylene units.
Chevron Phillips Chemical would be the majority owner with a 51%
share, and Qatar Petroleum would own 49% of the project. Chevron
Phillips Chemical would provide project management and oversight
and be responsible for the operation and management of the
facility.
The companies said the preliminary cost of USGC II is about $8
billion, and they expect a final investment decision no later than
2021, with targeted startup of the new facility in 2024.
USGC II is expected to support about 9,000 construction jobs at
peak construction, and 600 full-time positions once
operational.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 09, 2019 13:29 ET (17:29 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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