AL-JUBAIL, K.S.A. (August 15, 2008) - Chevron Phillips Chemical Company LLC (Chevron Phillips Chemical) today announced the Jubail Chevron Phillips Company (JCP) has commenced startup operations at a world-scale styrene facility in the Eastern Province city of Al-Jubail. The $1.2 Billion facility produces benzene, ethylbenzene, styrene and propylene.
"This new styrene plant, and the expansion of the existing Saudi Chevron Phillips Company (SCP) aromatics plant, build on the solid foundation we have established in the region and is a further example of our pursuit of strategic growth opportunities and geographic diversification," said Greg Garland, Chevron Phillips Chemical President and CEO.
The JCP facility includes feed fractionation, an olefins cracker, ethylbenzene and styrene monomer process units, and associated utilities and infrastructure. The existing SCP aromatics plant was expanded as part of the project and will supply feedstock to the styrene facility.
JCP will begin exporting styrene shipments in September 2008. Production quantities will increase during the next three months until the facility reaches full capacity.
Marketing activities for production from the new plant will be shared. Jubail Chevron Phillips Company will operate the new facilities and market the products in the Arab Gulf Region, while a Chevron Phillips Chemical subsidiary will market the remaining export volumes worldwide.
Jubail Chevron Phillips Company is a joint venture equally owned by the Saudi Industrial Investment Group and Arabian Chevron Phillips Petrochemical Company Ltd., a subsidiary of Chevron Phillips Chemical.
About Saudi Industrial Investment Group
Saudi Industrial Investment Group is publicly traded on the Saudi stock exchange. The group includes leading Saudi businessmen and Saudi public joint stock companies among its shareholders and is focused on industrial investment in the petrochemical industry in Saudi Arabia. For more information about Saudi Industrial Investment Group, visit http://www.siig.com.sa/.
About Chevron Phillips Chemical Company LLC
Chevron Phillips Chemical Company LLC is one of the world's top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. The LLC and its affiliates own over $7 billion in assets, generate $13 billion in annual revenue and employ over 5,300 people at 38 manufacturing and research facilities, located in nine countries. Chevron Phillips Chemical Company LLC is equally owned by Chevron Corporation and ConocoPhillips, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com.