Chevron Phillips to raise US$1.8bln by Q1-08 for petrochem complex

As part of its plans to build a mega petrochemicals complex in eastern Saudi Arabia, Chevron Phillips Chemical Co plans to raise US$1.8 bln in project finance by Q1-08. The company has received very good response from the banks. The funds will finance a US$5 bln petrochemicals complex known as National Chevron Phillips (NCP) a 50:50 joint venture between Chevron Phillips and Saudi Industrial Investment Group. NCP is the third petrochemical complex planned by Chevron Phillips and Saudi Industrial at Jubail. Contracts for the construction of the plant are in the process of being awarded.