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
OMV AG and the European Climate, Infrastructure and Environment Executive Agency (CINEA) have signed a grant agreement for OMV’s planned industrial ReOil plant, securing up to €81.6 million funding. This marks the first time that OMV receives a grant from the EU Innovation Fund.
Vopak has previously committed investment of up to €1 billion in the sector to achieve its growth ambitions by the end of this decade, but it announced in a capital markets event for investors on March 13 that it will double its planned spending in industrial and gas terminals.
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