Chevron Phillips Chemical, a petrochemical company jointly owned by Chevron and Phillips 66, and QatarEnergy, a state owned petroleum company of Qatar, agreed to form a joint venture in an $8.5bn deal. "Chevron Phillips Chemical and QatarEnergy have collaborated for over 20 years on the assets we operate together in Qatar. We have a great relationship and a proven track record of operating these facilities safely and reliably. Our products help make life better for billions of people every day, and they are part of a lower carbon future. This facility will help meet the growing demand for our products and improve the quality of life for the world’s growing global population," Bruce Chinn, Chevron Phillips Chemical President and CEO.