Westlake Chemical Acquires 50% of Cypress Pipeline
HOUSTON, Oct 04, 2010 /PRNewswire via COMTEX/ -- Westlake Chemical Corporation (NYSE: WLK) announced today 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.
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.
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. For more information, visit the company's Web site at http://www.westlake.com/.
The statements in this release relating to the pipeline acquisition, as well as any other matters that are not historical facts, are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially. For more detailed information about factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2009, which was filed in February 2010.
SOURCE Westlake Chemical Corporation