29 August 2008 18:36 [Source: ICIS news]
TORONTO (ICIS news)--Chevron Phillips Chemical (CP Chem) has agreed to sell substantially all of its Puerto Rico Core’s Guayama, Puerto Rico, paraxylene (PX) facility assets due to high operating costs and low product margins, it said on Friday.
In recent years the plant had been operating in “campaign mode,” producing paraxylene only when product margins were favourable, CP Chem said.
The buyers are Louisiana Chemical Equipment Company and Louisiana Chemical Dismantling Company who would dismantle and salvage the sold assets, it said.
Decommissioning of the plant was expected to begin next month.
The facility’s workforce of 77 employees and 31 independent contractors would be reduced in three phases through September 2010, CP Chem said.
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