Chevron Phillips Chemical Co. LLC announced Wednesday that, along with QatarEnergy, it is proceeding with the construction of an integrated polymers facility in Orange, Texas that is expected to create more than 500 full-time jobs. The building of the $8.5 billion facility will also create about 4,500 construction jobs. The venture is 51% owned by Chevron Phillips and QatarEnergy owns 49%. The facility is expected to begin operations in 2026. Once operational, the plant will produce Marlex polyethylene, which is used in the production of pipes to deliver water and natural gas, as well as in the production of recreational products like kayaks and coolers. Chevron Phillips was established in 2000 as a joint venture, that combined the chemicals operations of Chevron U.S.A. Inc. and Phillips 66 Co.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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