Chemical and fuel company LyondellBasell Industries said on Thursday it has signed an memorandum of understanding (MOU) to form a joint venture with China’s Bora Enterprise Group to build a chemical complex in northeast China.
LyondellBasell and Bora may invest as much as $12 billion over the next 10 years in a series of petrochemical projects in Liaoning’s Panjin city.
LyondellBasell will take a 50% stake in the chemical projects being built by the Chinese firm, it said.
Among the proposed phase-one investment with a total cost of 18 billion yuan ($2.54 billion) are the production of 800,000 tonnes per year (tpy) of polyethylene, 600,000 tpy polypropylene and 350,000 tpy styrene.
LyondellBasell currently operates three polypropylene compounding facilities in China located in Guangzhou, Suzhou and Dalian.
By Chen Aizhu
Source: Reuters
Chemical makers are responding quickly to mitigate the impact of the coronavirus disease 2019 (COVID-19) crisis. Industry is placing an emphasis on safe operations and ramping up supply of essential […]
LANXESS intends to stick to its strategy of organic growth, increasing its focus on consumer protection chemicals and developing battery technology operations in the face of disruption from the coronavirus […]
The UK printing industry supply chain has called on the UK government to ensure the necessary supplies of ethanol, n-propanol, and other relevant raw materials are maintained for the ink […]
