Chevron Phillips to build chemical plant in Texas

Chevron Phillips Chemical Co said on Monday it will build a new chemical plant at its facility in Old Ocean, Texas. The company had said last year it planned to add new production capacity on the Gulf Coast to benefit from the new supplies of natural gas liquids coming from North American shale formations. The plant will be able to produce 1.1 billion pounds of polyethylene per year. Jacob Engineering Group Inc will design the plant and related facilities, the company said. Chevron Phillips Chemical is a 50-50 partnership between Chevron Corp and ConocoPhillips.