14 July 2011 17:08 [Source: ICIS news]
Correction: In the ICIS news story headlined "US ConocoPhillips undecided on CP Chem stake in spinoff" dated 14 July 2011, please read in the seventh paragraph …ConocoPhillips refining company will be the second largest independent refiner in the US, behind Valero… instead of …ConocoPhillips refining company will be the largest independent refiner in the US, ahead of Valero…. A corrected story follows.
(Adds updates throughout)
HOUSTON (ICIS)--US-based oil producer and refiner ConocoPhillips has not decided on what will happen to its stake in its chemical joint venture - Chevron Phillips Chemical - as the company plans to split off its refining business from its exploration and production business, the company said on Thursday.
Chevron Phillips Chemical is a 50:50 joint venture that includes the chemical assets of ConocoPhillips and Chevron.
ConocoPhillips had not taken any decision on the joint venture, CEO Jim Mulva said during a conference call. ConocoPhillips will determine what will happen to the joint venture during the next several months, he said.
Chevron Phillips Chemical produces olefins, polyolefins, aromatics and styrenics.
Earlier on Thursday, ConocoPhillips said it will split its refining and marketing business from its exploration and production (E&P) business, creating two independent publicly traded companies.
The separation should be completed in the first half of 2012, the company said. Once the deal is completed, Mulva intends to retire as CEO.
Once split off, ConocoPhillips refining company will be the second largest independent refiner in the US, behind Valero.
ConocoPhillips is the second integrated oil producer and refiner to recently pursue a split up.
Earlier this year, Marathon Oil's board of directors approved a plan to split its refining business from its E&P business.
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