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Chevron Phillips Chemical Sells Port Arthur Cumene Unit to INEOS

Posted on: Monday, 31 October 2005, 12:01 CST

THE WOODLANDS, Texas, and MOBILE, Ala., Oct. 31 /PRNewswire/ -- Chevron Phillips Chemical Company LP (Chevron Phillips Chemical) announced the sale of its cumene production unit at its Port Arthur, Texas facility to INEOS Americas LLC (INEOS), where it will become part of INEOS' Phenol Division. The financial terms of the sale were not disclosed. Chevron Phillips Chemical will provide certain tank operations and maintenance services related to the cumene unit according to terms of a separate agreement.

Chevron Phillips Chemical will continue operation of its olefins complex as well as the existing cyclohexane unit at the Port Arthur facility. Chevron Phillips Chemical previously idled the cumene unit in 2003 due to poor market conditions.

Cumene is an intermediate used to produce phenol and acetone. About INEOS Phenol

INEOS Phenol is the world's largest manufacturer of phenol and acetone with a global sales and distribution network based on its production sites in Germany, Belgium and Mobile, Ala. The key applications for phenol and acetone are in the production of polycarbonate, and other plastics, phenolic resins, synthetic fibers (such as nylon) and solvents. These products are used in a diverse range of end markets, including the automotive, construction, electronics and fiber industries. INEOS Phenol (http://www.ineosphenol.com/ ) is part of the INEOS group of companies (http://www.ineos.com/ ), a leading global manufacturer of specialty and intermediate chemicals headquartered in Lyndhurst, U.K.

About Chevron Phillips Chemical Company LLC

Chevron Phillips Chemical Company LLC and its affiliates produce chemicals that are essential to manufacturing over 70,000 consumer and industrial products. This includes olefins and polyolefins, aromatics, alpha olefins, styrenics, specialty chemicals, piping and proprietary plastics. The company has nearly $7 billion in assets, operates 37 manufacturing and research facilities in eight countries, and employs approximately 5,300 persons worldwide. The company is owned equally by Chevron Corporation and ConocoPhillips. For more information, visit http://www.cpchem.com/ .

Some of the matters discussed in this news release are forward-looking statements that are subject to risks and uncertainties. These statements are not guarantees of future performance and actual outcomes and results may differ, perhaps materially, from what is expressed herein. Actual results could differ materially, based on factors including, but not limited to, future economic conditions, industry production capacity and operating rates, the supply/demand balance for the products produced by Chevron Phillips Chemical Company LLC and its affiliates, competitive products and pricing pressures, further increases in raw material and/or energy costs, changes in governmental regulations and other risk factors. Additional information on such matters can be found in Chevron Phillips Chemical Company LLC's publicly available filings with the Securities and Exchange Commission (SEC). Copies of the company's filings with the SEC are available from the SEC's website at http://www.sec.gov/ .

Chevron Phillips Chemical Company LP

CONTACT: Kammy Reece of Chevron Phillips Chemical Company LP,+1-832-813-4838, or reecekn@cpchem.com ; or Tobias Hannemann of INEOS AmericasLLC, Phenol Division, +1-443-334-3105, or tobias.hannemann@ineosphenol.com

Web site: http://www.sec.gov//Web site: http://www.cpchem.com/http://www.ineosphenol.com/http://www.ineos.com/

Source: PRNewswire

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