Chemical companies announce joint venture

(Bartlesville-AP) -- Bartlesville-based Phillips Petroleum Company and Chevron Corporation announced today a joint venture between their chemical businesses. The new company will be headquartered in

Monday, February 7th 2000, 12:00 am

By: News On 6

(Bartlesville-AP) -- Bartlesville-based Phillips Petroleum Company and Chevron Corporation announced today a joint venture between their chemical businesses. The new company will be headquartered in Houston. It will have assets of more than six billion dollars. Up to six-thousand people will be employed, which will cut about 600 jobs.

A news release by Phillips indicates that the new company will be one of the world's top producers of olefins, polyolefins, aromatics and styrenics. The transaction is expected to close by midyear and is subject to final approval by the companies' boards of directors. The joint-venture company will arrange 1.6 billion dollars of debt financing and will make one-time cash distributions of 800 million dollars to each parent company.