THE WOODLANDS, Texas, and MOBILE, AL, October 28, 2005 – Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) announced the sale of its cumene production unit at its Port Arthur, Texas facility to INEOS Americas LLC (INEOS), where it will become part of INEOS Phenol Division. The financial terms of the sale were not disclosed. Chevron Phillips Chemical will provide certain tank operations and maintenance services related to the cumene unit according to terms of a separate agreement.
Chevron Phillips Chemical will continue operation of its olefins complex as well as the existing cyclohexane unit at the Port Arthur facility. Chevron Phillips Chemical previously idled the cumene unit in 2003 due to poor market conditions.
Cumene is an intermediate used to produce phenol and acetone.
About INEOS Phenol
INEOS Phenol is the worlds largest manufacturer of phenol and acetone with a global sales and distribution network based on its production sites in Germany, Belgium and Mobile, Ala. The key applications for phenol and acetone are in the production of polycarbonate, and other plastics, phenolic resins, synthetic fibers (such as nylon) and solvents. These products are used in a diverse range of end markets, including the automotive, construction, electronics and fiber industries. INEOS Phenol (www.ineosphenol.com) is part of the INEOS group of companies (www.ineos.com), a leading global manufacturer of specialty and intermediate chemicals headquartered in Lyndhurst, U.K.
About Chevron Phillips Chemical Company LLC
Chevron Phillips Chemical Company LLC with its affiliates is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, piping and proprietary plastics. The company has assets in excess of $6 billion and is owned equally by ChevronTexaco Corporation and ConocoPhillips. For more information about Chevron Phillips Chemical, visit www.cpchem.com.
Some of the matters discussed in this news release are forward-looking statements that are subject to risks and uncertainties. These statements are not guarantees of future performance and actual outcomes and results may differ, perhaps materially, from what is expressed herein. Actual results could differ materially, based on factors including, but not limited to, future economic conditions, industry production capacity and operating rates, the supply/demand balance for the products produced by Chevron Phillips Chemical Company LLC and its affiliates, competitive products and pricing pressures, further increases in raw material and/or energy costs, changes in governmental regulations and other risk factors. Additional information on such matters can be found in Chevron Phillips Chemical Company LLCs publicly available filings with the Securities and Exchange Commission (SEC). Copies of the companys filings with the SEC are available from the SECs website at www.sec.gov.
Contact:
Stan Sehested
Chevron Phillips Chemical Company LP
Phone: (832) 813-4151
Email: sehessd@cpchem.com
Contact:
Tobias Hannemann
INEOS Americas LLC, Phenol Division
Phone: (443) 334-3105
Email: tobias.hannemann@ineosphenol.com