Global Processing

Chevron sells Puerto Rico plant assets to salvage company

September 4, 2008

Chevron Phillips Chemical is unloading a plant it has operated in Puerto Rico since 1967. The company is selling the Guayama plant''s assets to Louisiana Chemical Equipment Company LP and Louisiana Chemical Dismantling Company. The Associated Press says the new owners are expected to dismantle the plant. That will eliminate the jobs of 77 employees and 31 independent contractors. The plant in southeast Puerto Rico makes paraxylene. That''s a raw material used to make polyester. The company had tried to keep the plant open by producing the chemical only when market conditions were favorable.