Houston-based chemical and plastics firm LyondellBasell Industries said on Friday it had signed “definitive agreements” with a Chinese refiner on a $2.6 billion joint venture to produce petrochemicals in northeast China’s Liaoning province.
LyondellBasell will take a 50% stake alongside Liaoning Bora Enterprise Group, one of a number of independent Chinese oil refiners known as “teapots”. The joint venture will operate a 1.1 million tonnes per year ethylene cracker and polyolefin derivatives complex in the coastal city of Panjin.
The estimated $2.6 billion cost marks the biggest investment yet in petrochemicals by a Chinese “teapot” looking to diversify away from the saturated local fuel market.
“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 said in a statement.
The project is expected to start up in the second half of 2020, it added.
The two companies had signed a memorandum of understanding to form the joint venture six months ago, when they touted total investment of up to $12 billion over 10 years.
By Tom Daly
CF Industries Holdings, Inc. (NYSE: CF) today announced that it has closed its acquisition of Incitec Pivot Limited’s (“IPL”) ammonia production complex located in Waggaman, Louisiana. Under the terms of the agreement, CF Industries purchased the Waggaman ammonia plant and related assets for $1.675 billion, subject to adjustments.
The Virgin Atlantic flight was powered entirely by SAF, that was a drop-in replacement for conventional jet fuel, but made solely from sustainable feedstocks. This was enabled through the inclusion of a new bio-based aromatic jet fuel blending component.
Cepsa SA (Madrid) has agreed a deal with C2X, an independent firm owned by AP Moller Holding with AP Moller-Maersk as minority owner, to develop a 300,000 metric tons per year renewable methanol plant at Huelva, Spain.