02 April 2012 21:23 [Source: ICIS news]
HOUSTON (ICIS)--The two parent companies of Chevron Phillips Chemical (CP Chem) will make a final decision by the end of 2013 whether to go ahead with a cracker and two polyethylene (PE) plants in Texas, the company’s chief executive said on Monday.
CP Chem plans to build a 1.5m tonne/year ethane cracker at its Cedar Bayou complex at Baytown, with a start-up in 2017.
It also plans to build two 500,000 tonne/year PE plants, to be located either at Cedar Bayou or at CP Chem’s Sweeny cracker complex at Old Ocean.
The combined project is valued at $5bn, CEO Peter Cella said on the sidelines of the International Petrochemical Conference in San Antonio.
CP Chem is a 50:50 joint venture between ConocoPhillips and Chevron.
“We expect to go to our owners for approval by the end of 2013,” Cella said. Both parent companies have indicated they were excited by the plan, he added.
Hosted by American Fuels & Petrochemicals Manufacturers (AFPM), the IPC continues through Tuesday.
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