Chevron Phillips prepares announcement on China deal

22 May 2001 16:06  [Source: ICIS news]

HOUSTON (CNI)--The Chevron Phillips Chemical joint venture told CNI Tuesday it hopes to release a statement today addressing questions raised about its continued participation in a $1.3bn (Euro1.5bn) project in China.

Reports from Beijing have indicated that PetroChina is seeking a new foreign partner for the 800 000 tonne/year ethylene cracker proposed for Lanzhou by 2005.

But reports also have quoted Chevron Phillips sources in Beijing as saying that the Houston-based company does not want to withdraw completely from the project. Those sources indicated a difference of opinion between the partners over the timing of the project.

A spokesman for the Houston headquarters said the company will issue a statement later Tuesday on the status of the project and Chevron Phillips Chemical's role in it.

Chevron Phillips Chemical is a 50:50 joint venture of Phillips Petroleum and Chevron, two integrated US oil companies with headquarters respectively in Bartlesville, Oklahoma and San Francisco, California.

By: Gary Taylor
+1 713 525 2653

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