By Dean Seal

Chevron Phillips Chemical Company LLC and QatarEnergy have partnered to construct an $8.5 billion integrated polymers facility in Texas that is expected to create more than 500 full-time jobs.

Chevron Phillips, which is jointly owned by Chevron Corp. and Phillips 66, and QatarEnergy have formed a joint venture company, Golden Triangle Polymers Company LLC, to carry out their plans for a new facility in Orange, Texas.

Construction of the new plant will begin immediately near Chevron Phillips' existing facility in Orange, with operations expected to begin in 2026.

Chevron will hold a 51% stake in the new venture while QatarEnergy, Qatar's state-owned petroleum company, will own the rest.

The companies said they have been collaborating for more than 20 years on assets they operate jointly in Qatar.

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

November 16, 2022 09:38 ET (14:38 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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