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    Chevron Phillips Chemical And Solvay Polymers Announce Construction of New Hdpe Plant

    Chevron Phillips Chemical Company LP and Solvay Polymers, Inc. announced today the construction of a 700-million- pounds-per-year, high-density polyethylene (HDPE) plant at Chevron Phillips' Baytown, Texas, facility.

    Chevron Phillips Chemical and Solvay Polymers will each own 50 percent of the plant, share its production of general-purpose blow molding HDPE resins, and market their share of production independently. The site of the loop slurry plant will be the Cedar Bayou chemical complex, one of Chevron Phillips Chemical's major manufacturing sites and an OSHA VPP STAR site.

    Engineering and procurement for the facility is underway with the official start-up scheduled for the fourth quarter of 2002. Chevron Phillips technology will be used in the operation. The companies intend to build a second shared facility in the 2005-2007 time frame as market demand grows.

    Solvay Polymers, Inc., a major U.S. producer of high-density polyethylene resins and polypropylene, is a wholly owned subsidiary of Solvay America, Inc., and a member of the Solvay Group, an international group of chemical and pharmaceuticals companies based in Brussels, Belgium. In 2000, Solvay Group companies' sales amounted to approximately $8.2 billion, generated by four sectors of activity: chemicals, plastics, processing and pharmaceuticals. The plastics sector's sales amounted to approximately $2.8 billion. As part of an international asset swap previously announced, Solvay Polymers' interest in the plant will be transferred with its HDPE business to a joint venture to be created with an affiliate of BP p.l.c.

    Chevron Phillips Chemical Company LP is the U.S. operating subsidiary of Chevron Phillips Chemical Company LLC. Chevron Phillips Chemical is one of the world's top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics and specialty chemicals and had revenues of $7.6 billion in 2000. The Company, equally owned by Chevron Corporation and Phillips Petroleum Company, is headquartered in Houston, Texas.

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