Westlake Chemical Corporation WLK
today stated that it received on July 30, 2013, a copy of a complaint filed by
Eastman Chemical Company EMN with the Texas Railroad Commission
regarding Westlake's pipeline that transports ethylene between Mont Belvieu,
Texas, and Longview, Texas, where both Westlake and Eastman have operating
facilities. In its complaint and related public statements to the media and
investors, Eastman contends that recent changes made by Westlake to the
pipeline tariff and the terms and conditions of the pipeline usage, cost and
service, were made to delay the divesture of some of Eastman's ethylene
cracking units and would also impact its production capacity in Longview,
Texas. Westlake noted that it plans to respond to Eastman's complaint to the
Texas Railroad Commission as required.
Westlake does not agree with Eastman's position as outlined in its complaint.
The changes made to the pipeline tariff were made in accordance with standard
practices and reflect market conditions and were in no way intended to impact
Eastman's operation of its facilities in Longview nor were these changes made
to delay Eastman's divesture efforts. Westlake is committed to continued
long-term safe operation, support for the employees and investment at the
Longview site.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in