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ConocoPhillips to include its CP Chem stake in the spinoff of its refinery business

September 09/2011

(ICIS) -- US-based ConocoPhillips confirmed on Thursday its plan to include its Chevron Phillips Chemical (CP Chem) stake in the spinoff of its refinery business. That spinoff will become a new downstream company that will combine three of ConocoPhillips's core businesses: refining, marketing and transportation (RM&T); chemicals; and midstream.

ConocoPhillips laid out its plans for the downstream spinoff, which it plans to complete by the second quarter of 2012, during the Barclays Energy Conference in New York City. The new downstream company's portfolio will include about $50bn (?36bn) in assets.

The RM&T segment has 16 refineries, 12 of which are in the US, with a Nelson complexity average of 12. They have a capacity of 2.4m bbl/day, and about 10,000 branded marketing outlets.
The chemicals segment, which includes the CP Chem stake, is North Americas largest producer of high density polyethylene (HDPE), the company said. It is also North Americas fourth largest ethylene producer. CP Chem is a 50:50 joint venture made up of ConocoPhillips and Chevron.

Tags:HDPE, ethylene.
Category:General News
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