Abstract
Chevron Phillips Chemical is forming a petrochemical joint venture with one Middle Eastern company and, according to a published news report, negotiating with another Middle Eastern firm to acquire the Canadian chemical maker Nova Chemicals. Chevron Phillips says it has joined with Qatar Petroleum to develop an ethylene complex in Qatar. The multibillion-dollar facility would be 70% owned by the state-owned oil company and 30% owned by Chevron Phillips. It would include a 1,900-metric-ton-per-year ethane-based ethylene cracker and two high-density polyethylene plants. Engineering is set to begin shortly, leading to a planned start-up in late 2025, the companies say. The agreement follows an invitation that Qatar Petroleum put out in May 2018 looking for an international partner with which to build a new cracker. Chevron Phillips—a joint venture between the oil companies Chevron and Phillips 66—earlier partnered with Qatar Petroleum to create Qatar Chemical, a maker of ethylene and derivatives.
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