05-03-2020
LyondellBasell and Bora sign definitive agreements to form Chinese JV
LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, today announced it has signed definitive agreements to expand in China through a 50:50 joint venture with the Liaoning Bora Enterprise Group (Bora). On September 5, 2019, LyondellBasell and Bora first signed a Memorandum of Understanding and announced their intention to form this joint venture during a ceremony in Panjin, China.
"China is a large market with growing demand for high quality polyolefin products," said Bob Patel, CEO of LyondellBasell. "The combination of LyondellBasell's leading technology and Bora's operational excellence will allow us to reliably produce and provide these needed products to local customers."
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 tons per annum ethylene cracker and associated polyolefin derivatives complex in Panjin, China, 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 will market the polypropylene and high-density polyethylene which will be produced utilizing LyondellBasell licensed Spheripol, Spherizone polypropylene technologies and Hostalen ACP polyethylene technology. Start-up is expected 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 percent of the Asian polyolefins market and represents 40 percent 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 JV is subject to approvals by relevant government authorities, including antitrust review by the State Administration for Market Regulation.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Audubon launches vapor recovery & reuse system for EPA compliance
Audubon Engineering Company, a leading provider of engineering, procurement, construction, fabrication, and technical services, introduced its patented Vapor Upcycle ...
26-03-2024
-
Koch Modular to expand state-of-the-art pilot plant in Houston
Koch Modular Process Systems, a market-leading provider of engineered and fabricated modular mass transfer systems for the chemical processing industry, announces the ...
26-03-2024
-
TotalEnergies and SINOPEC to produce sustainable jet fuel
TotalEnergies and China Petroleum and Chemical Corporation have signed a Heads of Agreement to jointly develop a Sustainable Aviation Fuel (SAF) production unit at a ...
26-03-2024
-
SABIC and Pashupati group to target recycling opportunities in India
SABIC, a global leader in the chemical industry, has signed a Memorandum of Understanding (MoU) with Pashupati Group, a leading Indian recycler of plastic waste and supplier ...
25-03-2024
-
Karen McKee named 2024 petrochemical heritage award recipient
The American Fuel & Petrochemical Manufacturers (AFPM) is pleased to announce ExxonMobil’s Karen McKee, president of ExxonMobil Product Solutions Company, as the ...
24-03-2024
-
ABB and Cap Clean Energy collaborate to help SAF production take off
ABB has signed an agreement with Cap Clean Energy to collaborate on sustainable aviation fuel (SAF) production sites in the Canadian provinces of Manitoba, Saskatchewan ...
21-03-2024
-
Yokogawa launches OpreX robot management core
Yokogawa Electric Corporation announces the development and release of OpreXTM Robot Management Core, a software application in the OpreX Asset Management and Integrity ...
21-03-2024
-
Samsung Engineering rebrands name to SAMSUNG E&A
Samsung Engineering, a world leading engineering solutions and project management company, announced today, that it will officially changes its name to 'SAMSUNG E&A'. ...
21-03-2024
-
Clariant and Lummus awarded catalyst technology contract for new isobutane dehydrogenation plant
Clariant, a sustainability-focused specialty chemical company, and its process partner Lummus Technology have been selected by Huizhou Boeko Materials Co. Ltd., to provide ...
20-03-2024