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.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections