Chevron, Phillips to form giant chemical JV

Chevron Corp. and Phillips Petroleum Co. have signed a letter of intent and exclusivity agreement to form a 50-50 joint venture of their global chemical operations-totaling about $6.1 billion in assets. Click here to enlarge imageThe new limited liability company, yet to be named, will be based in Houston. The JV will combine the olefins, polymers, and aromatics businesses of both companies. The new firm will not include Chevron's Oronite additives business, because it does not provide "strong synergies with Phillips's operations."The combined operations, says Chevron Chairman and CEO Dave O'Reilly, will reduce costs by $150 million/year and "improve the effectiveness of capi...

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