Chevron Phillips, Qatar To Move Forward With $8.5B Integrated Polymers Facility In US

The Chevron Phillips Chemical joint venture and QatarEnergy are proceeding with constructing an $8.5 billion integrated polymers facility in Orange, Texas.
The companies have made a final investment decision on the project and created a joint venture company, Golden Triangle Polymers Company LLC.
The Chevron Phillips JV will own 51% of the project, while QatarEnergy owns 49%.
The facility, expected to begin operations in 2026, will include a 2,080 KTA ethane cracker and two 1,000 KTA high-density polyethylene units and will target to have ~25% lower greenhouse gas emissions than similar facilities in the U.S. and Europe.
Once operational, the plant will produce Marlex polyethylene, which is used in the production of durable goods such as pipes to deliver natural gas and water, as well as recreational products like kayaks and coolers.
The project is expected to create more than 500 full-time jobs and approximately 4,500 construction jobs.
Chevron Phillips Chemical is equally owned indirectly by Chevron Corporation CVX and Phillips 66 PSX.
Price Action: CVX shares are down 1.51% at $185.18, and PSX stock is down 2.52% at $108.31 on the last check Wednesday.