MARKETS

Chevron Phillips JV make $15B bid to expand downstream empire

CHEVRON Corporation and refiner Phillips 66 50-50 joint venture company CPChem has made a US$15 billion bid for Nova Chemicals hoping to expand their petrochemical reach at a time when demand is slated to grow globally despite pushback against plastic use.

Helen Clark

Phillips 66 refinery

The two already have a huge petrochemical operation with 31 production facilities. The takeover target makes polyethylene resins and expandable styrenics, or garden variety plastic and the foam cups,...

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