By Chris Wack

Chevron Phillips Chemical Company and Qatar Petroleum have signed an agreement to jointly pursue development of a new petrochemical plant in the Gulf Coast region of the U.S.

The companies said that the U.S. Gulf Coast II Petrochemical Project, or USGC II, will include a 2,000 KTA ethylene cracker and two 1,000 KTA high-density polyethylene units.

Chevron Phillips Chemical would be the majority owner with a 51% share, and Qatar Petroleum would own 49% of the project. Chevron Phillips Chemical would provide project management and oversight and be responsible for the operation and management of the facility.

The companies said the preliminary cost of USGC II is about $8 billion, and they expect a final investment decision no later than 2021, with targeted startup of the new facility in 2024.

USGC II is expected to support about 9,000 construction jobs at peak construction, and 600 full-time positions once operational.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

July 09, 2019 13:29 ET (17:29 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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