ChevronTexaco Corp. and Phillips Petroleum Co. have announced that their chemical business joint venture plans to build a USD 1 billion addition to an existing chemical plant in Saudi Arabia. Chevron Phillips Chemical Co., the joint venture, said it would team up with the Saudi Industrial Investment Group (SIIG) to expand the aromatics complex in Al Jubail to produce benzene, ethylbenzene, styrene and propylene. The joint venture is expected to start up in 2006 with most of the styrene to be exported from the Persian Gulf region. Other products will be marketed locally. The existing facility started operations in 2000.
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