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Chevron Phillips Chemical and QatarEnergy announced on Wednesday morning plans for an $8.5 billion construction in Orange County.

The companies are proceeding with the construction of an $8.5 billion integrated polymers facility in Orange, expected to create more than 500 full-time jobs and approximately 4,500 construction jobs and generate an estimated $50 billion for the community in residual economic impacts.

The companies have made a positive final investment decision on the project and created a joint venture company, Golden Triangle Polymers Company LLC, named for the Golden Triangle region of Texas that includes the city of Orange.

Chevron Phillips Chemical owns a 51 percent equity share in the joint venture, and QatarEnergy owns 49 percent.

Megan Layne, executive director of Orange County Economic Development Corporation, said they are thrilled to receive this announcement from Chevron Phillips Chemical.

“The growth and economic impact that a project of this magnitude will have on Orange County and the region is unmatched,” Layne said. “We look forward to continuing our efforts with Chevron Phillips Chemical and seeing this project through to the finish line.”

Mike Stelly, OCEDC board president with the City of West Orange, said Orange County and the entire community welcomes Chevron Phillips Chemical and QatarEnergies.

“We sincerely thank them for their investment and selecting Orange County for this project and any future opportunities this may present,” Stelly said.