CP Chem’s US, Qatar JV projects on track for 2026 startup – Phillips 66

HOUSTON (ICIS)–Two world-scale joint venture projects being developed by Chevron Phillips Chemical and QatarEnergy remain on track to start operations in 2026, Phillips 66 said on Monday.

Phillips 66 and Chevron hold equal stakes in Chevron Phillips Chemical (CP Chem).

The US project is Golden Triangle Polymers, an integrated polyethylene (PE) complex in Orange, Texas. Chevron Phillips holds a 51% stake, and construction started in 2023.

The Qatari project in Ras Laffan is another integrated PE project. It is a 70:30 joint venture between QatarEnergy and CP Chem. Construction on this project started in 2024.

PHILLIPS 66 CAPEX BUDGET
Phillips 66 provided the updates on the two petrochemical projects when it revealed its 2025 capital budget, as shown in the following table. Figures are in millions of dollars.

	Sustaining	Growth	TOTAL
Midstream	429	546	975
Refining	414	408	822
Marketing & Specialties	63	91	154
Renewable Fuels	18	56	74
Corporate and other	74	1	75
TOTAL	998	1,102	2,100

Source: Phillips 66

Phillips 66’s proportionate share of capital spending in its CP Chem and WRB Refining joint ventures is $877 million, and its inclusion would bring Phillips 66’s total 2025 capital spending to $3 billion.

The joint ventures’ spending will be self funded, Phillips 66 said.

WRB Refining is a 50:50 joint venture made up of Phillips 66 and Cenovus Energy. The joint venture owns the Wood River refinery in Illinois and the Borger refinery in Texas.

WRB’s capital spending will direct its capital spending on sustaining projects, Phillips 66 said.

PHILLIPS TO SELL STAKE IN OIL PIPELINE
A subsidiary of Phillips 66 has agreed to sell its 25% non-operated stake in the Gulf Coast Express Pipeline to an affiliate of ArcLight Capital Partners. Pre-tax proceeds from the sale should total $865 million.

The sale should close in January 2025.

Thumbnail shows PE. Image by ICIS.