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Westlake Chemical Acquires 50% of Cypress Pipeline

Source: www.gulfoilandgas.com 10/4/2010, Location: Asia

Westlake Chemical Corporation announced that, pursuant to a long term contract right held by Westlake, it has purchased a 50% equity interest in Cypress Interstate Pipeline, LLC from Kinder Morgan Energy Partners for an undisclosed price. The 104 mile Cypress Pipeline supplies natural gas liquid feedstocks to Westlake's Lake Charles, Louisiana petrochemical complex for the production of ethylene and ethylene derivatives such as polyethylene and styrene.

In describing this purchase, Albert Chao, President & CEO of Westlake Chemical Corporation, stated, "We are very pleased to have completed the purchase of an interest in this important supply pipeline. This acquisition will help improve our long-term operating efficiency and will provide us with overall improvement in the reliability of essential feedstock supply at the site."

The pipeline will continue to be operated by KMP under a long-term agreement.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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