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(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 Barclay’s 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 America’s largest producer of high density polyethylene
(HDPE), the company said. It is also North America’s fourth largest ethylene
producer. CP Chem is a 50:50 joint venture made up of ConocoPhillips and
Chevron.
mrcplast.com
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