Source: Westlake Chemical
Westlake Chemical Corporation (NYSE:WLK) 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 (NYSE: KMP) 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.
"We are very pleased to have completed the purchase of an interest in this important supply pipeline,” Albert Chao, President & CEO of Westlake Chemical Corporation, stated. “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.
Westlake Chemical Corporation (WLK)
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC and PVC pipe, windows and fence.