Chevron Phillips Chemical Set To Expand To The Middle East
The petrochemical joint venture between US oil firm Cheveron Corp and oil refiner Philips 66, Chevron Phillips Chemical Co, is now exploring ways to increase its presence in the Middle East. One of the plans for the company would be to build a new plant.
According to Benny Mermans, Chevron Phillips Chemicals international operations head for Europe and Africa, in an interview during a petrochemical summit held in Frankfurt, the US partnership is considering the building of a site on its own or enter into a new joint venture. He added that the 'entire' Middle East region is under consideration.
Mermans further said that the owners of the chemical company are 'very supportive' of the planned growth. The Woodlands, TX based is investing US$5 billion on a new ethylene or cracker plant. Two other factories manufacture polyethylene located in Baytown, TX are being operated to fully use the availability of cheap natural gas. The products made can be used either as a raw material or energy source.
Merman also said, "Look at our ownership structure. We represent a fair share of their net income. By having the support, by creating margins, that provide us with a lot of legroom for gaining resources for growth."