Date: Wed, 19 Nov 1997 23:31:34 GMT Server: Apache/1.2.0 Last-Modified: Mon, 17 Nov 1997 17:17:55 GMT ETag: "1d857b-1479-34707c43" Content-Length: 5241 Accept-Ranges: bytes Connection: close Content-Type: text/html
11/17/97 | Phillips Petroleum Company |
BARTLESVILLE, Okla., November 17, 1997 --- Phillips Petroleum Company [NYSE:P] announced today it is constructing a plant to produce metallocene compounds, the key ingredients in the companys proprietary metallocene catalysts. The plant will be located at the Phillips Research Center in Bartlesville.
Scheduled to come onstream late in the first quarter of 1998, the plant will produce metallocene compounds in sufficient quantities to meet the needs of Phillips and licensees through the year 2000.
Metallocene catalysts are new "precision" catalysts that provide extended manufacturing control over the molecular structure and properties of polyethylene. They are especially important in producing linear low-density polyethylene (LLDPE), a strong, clear film that is ideal for packaging applications.
"LLDPE is the worlds fastest growing polyethylene market," said Jack Howe, senior vice president, chemicals and plastics. "With our new metallocene catalysts, Phillips can enter this market with existing plants and technology. This gives our company a significant competitive edge and boosts our position as a major polyethylene supplier on a global basis."
Phillips metallocene catalysts also are expected to increase the companys licensing revenues. Phillips slurry loop technology, for which its metallocene catalysts are designed, is licensed in 14 countries and accounts for more than 30 percent of the worlds high-density polyethylene production.
Phillips researchers discovered high-density polyethylene in 1951 and pioneered its development and use.
Phillips is a major U.S. polyethylene producer, with the capacity to make 1.9 billion pounds a year at its facility in Houston. The company is expanding the plants capacity to 2.2 billion pounds a year by year-end 1998.
In addition, Phillips operates a joint-venture polyethylene facility in Singapore, with net capacity of 440 million pounds per year, and is constructing a joint-venture plant near Shanghai, with a net capacity of 90 million pounds per year.
Phillips is an integrated petroleum company with 17,000 employees worldwide. Founded in Bartlesville, Okla., in 1917, the company has $14.2 billion of assets and $16 billion of annualized revenues.
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