Chevron Phillips Chemical Qatar Petroleum Co-built Petrochemical Plant in the US

Chevron Phillips Chemical Company and Qatar Petroleum Company have signed an agreement to build a new petrochemical plant in the Gulf of Mexico.

The two companies said that the US Gulf Coast II Petrochemical Project (USGC II) would include a 2 million ton/year ethylene cracking unit and two 1 million ton/year high density polyethylene units. Chevron Phillips Chemical will hold 51% of the project and Qatar Petroleum will hold 49%. Chevron Phillips Chemical will provide project management and supervision, and be responsible for the operation and management of the facility.

The two companies said that the initial cost of USGC II is about US$8 billion, and the final investment decision is expected to be made no later than 2021. The new facility will be completed and put into operation in 2024. It is expected that USGC II will provide about 9,000 construction jobs during peak construction period, and 600 full-time jobs once put into operation.