To expand in Chinese market LyondellBasell, signed an agreement with China Petroleum & Chemical Corporation (Sinopec), to form a 50:50 joint venture (JV). The new JV will produce propylene oxide (PO) and styrene monomer (SM) in the domestic market of China.
- The JV will operate under the name Ningbo ZRCC LyondellBasell New Material Company Limited.
- The joint venture will set up a new PO and SM unit in Zhenhai Ningbo, China.
- This new unit will have a capacity of 275 kilotons per year (KTA) of PO and a capacity of 600 KTA of SM. The unit will utilize LyondellBasell PO / SM’s leading technology.
The prominent deals and JVs of LyondellBasell are mentioned below:
Dec 2020: LyondellBasell in partnership with SUEZ, a world leader in environmental services, announced the acquisition of a plastics recycling company TIVACO, located in Blandain, Belgium.
Dec 2020: The global integrated chemicals and energy company Sasol and leading plastics and chemicals manufacturer LyondellBasell announced the closing of their Louisiana-based Integrated Polyethylene Joint Venture (JV) transaction.
Oct 2020: The leading chemical company LyondellBasell announced to acquire 50 percent of Sasol’s 1.5 MM ton ethane cracker, 0.9 MM ton low and linear-low density polyethylene plants and associated infrastructure for approximately $2 Billion.
Sep 2020: LyondellBasell announced the successful start-up of its MoReTec molecular recycling facility at its Ferrara, Italy, site. The new facility can be used for food packaging and healthcare items.
March 2020: LyondellBasell has announced an expansion in China with a 50:50 joint venture with Liaoning Bora Enterprise Group (Bora). As per MoU signed, the partners will form a Sino-foreign joint venture, the Bora LyondellBasell Petrochemical company. The JV will operate a 1.1 million metric tons per annum ethylene cracker and associated polyolefin derivatives complex in Panjin, China, with a total expected cost of approximately $2.6 billion.
December 2019: LyondellBasell announced that it has signed a Memorandum of Understanding (MoU) to form a 50:50 joint venture (JV) with China Petroleum & Chemical Corporation (Sinopec), one of the largest integrated energy and chemical companies in China. LyondellBasell operates five wholly-owned facilities in China which are located in Guangzhou, Suzhou, Dalian, Dongguan and Changshu.
LyondellBasell, is a worlds leading plastic, chemical and refining company, headquartered in Rotterdam, Netherlands. The company provides lightweight and flexible packaging, stronger and more versatile pipes and is involved in improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. The company sells products into approximately 100 countries and is the world’s largest producer of polymer compounds and the largest licensor of polyolefin technologies. LyondellBasell is a global producer of polypropylene and polyethylene technologies with more than 280 polyolefin process licenses globally.