Chevron Phillips Chemical sold its cumene production unit in Port Arthur, Texas, to Ineos Americas.

Terms weren't disclosed, but the companies said the operation will become part of Ineos' Phenol Division. Chevron Phillips Chemical will provide certain tank operations and maintenance services related to the cumene unit.

Chevron Phillips Chemical, an equally owned venture of Chevron ( CVX) and ConocoPhillips ( COP), will continue operating its olefins complex and an existing cyclohexane unit at Port Arthur. Chevron Phillips Chemical previously idled the cumene unit in 2003 due to poor market conditions.

Cumene is an intermediate used to produce phenol and acetone. Ineos is a chemical maker based in Lyndhurst, England.

On Monday, Chevron fell 78 cents to $56.60 and ConocoPhillips rose 65 cents to $63.91.