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Chevron and Noble Midstream Partners LP complete merger transaction

May 14/2021

MOSCOW (MRC) -- Chevron Corp. and Noble Midstream Partners LP have announced that the companies have completed the previously announced acquisition, which resulted in Noble Midstream becoming an indirect, wholly-owned subsidiary of Chevron, said Hydrocarbonengineering.

Noble Midstreams common units will no longer be listed on the Nasdaq Global Select Market, and it will cease to be a publicly traded company.

"We are pleased to fully integrate Noble Midstreams people, operations, and unitholders into Chevron, said Colin Parfitt, Vice President of Chevron Midstream. By combining our businesses, the acquisition streamlines governance and strengthens our leading positions in the DJ and Permian basins."

As MRC informed earlier, Chevron Phillips Chemical (CP Chem) halted production at its cracker in Sweeny (Old Ocean, TX, USA) on February 15 due to cold weather. Extreme cold and instability of power supply and fuel gas supply systems led to shutdowns of existing cracking units No. 22, 24 and 33 and the production of polyethylene (PE). The company's total ethylene production capacity in Sweeney is 1.975 million tonnes per year of ethylene, 165 thousand tonnes of propylene, 500 thousand tonnes of HDPE and 500 thousand tonnes of LDL.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 241,030 tonnes in January 2021 versus 217,890 tonnes a year earlier. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, PP shipments to the Russian market reached 141,870 tonnes in January 2021 versus 123,520 tonnes a year earlier. Supply of homopolymer PP and PP block copolymers increased.

Honeywell UOP is a leading international supplier and licensor of process technology, catalysts, adsorbents, equipment, and consulting services to the petroleum refining, petrochemical, and gas processing industries. Honeywell UOP is part of Honeywells Performance Materials and Technologies strategic business group, which also includes Honeywell Process Solutions, a pioneer in automation control, instrumentation and services for the oil and gas, refining, petrochemical, chemical and other industries.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry, Chevron, Chevron Phillips.
Category:General News
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