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LyondellBasell, Bora sign agreements to form Chinese JV

09
Mar '20
LyondellBasell CEO Bob Patel signs definitive agreements with the Liaoning Bora Enterprise Group (Bora)Pic: PR Newswire
LyondellBasell CEO Bob Patel signs definitive agreements with the Liaoning Bora Enterprise Group (Bora)Pic: PR Newswire
Global plastics, chemicals and refining company LyondellBasell recently announced signing definitive agreements to expand in China through a 50:50 joint venture (JV) with the Liaoning Bora Enterprise Group (Bora). Both firms had signed a memorandum of understanding on September 5 last year in Panjin, China, announcing their intention to form this joint venture.

Under the agreements, the partners will form a Sino-foreign joint venture, the Bora LyondellBasell Petrochemical Co. Ltd, that will operate a 1.1 million metric tonnes per annum ethylene cracker and associated polyolefin derivatives complex in Panjin, with a total expected cost of approximately $2.6 billion.

The complex will produce products that serve the growing demands of various industries in China, including packaging, transportation, building and construction and healthcare and hygiene.

LyondellBasell Industries has American and European roots, is incorporated in the Netherlands. Its US operations are managed from Houston, Texas, and global operations are headquartered in London.

"China is a large market with growing demand for high quality polyolefin products," said Bob Patel, chief executive officer of LyondellBasell in a press release.

LyondellBasell will market the polypropylene and high-density polyethylene that will be produced utilising LyondellBasell licensed Spheripol, Spherizone polypropylene technologies and Hostalen ACP polyethylene technology. The joint venture is expected to begin operations in the second half of 2020.

According to IHS Markit, Asia is the largest and fastest growing polyolefin market in the world. China accounts for more than 60 per cent of the Asian polyolefins market and represents 40 per cent of global growth. Olefins and polyolefins are core products of LyondellBasell.

LyondellBasell expects to make its equity contribution in the coming months. The formation of the joint venture is subject to approvals by relevant government authorities.

Fibre2Fashion News Desk (DS)


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