CHINA: LyondellBasell, Bora agree to form JV to operate Chinese ethylene plant
LyondellBasell has signed a memorandum of understanding (MoU) with Liaoning Bora Enterprise Group (Bora) to form a 50-50 joint venture in China, which will operate an ethylene cracker currently being built by Bora. Under the MoU, the parties will establish the joint venture in Panjin.
It will operate a 1.1-million-t/y ethylene cracker, which will produce olefins and polyolefins products that will be marketed by LyondellBasell. The plant, on which construction began this year, will utilize LyondellBasell's Hostalen ACP polyethylene technology, as well as its Spheripol and Spherizone polypropylene technologies. A completion date was not given.
"China is the largest, fastest growing market in the world for our core products," said LyondellBasell Chief Executive Bob Patel. "The formation of this JV with a well-respected Chinese company allows us to increase our flexibility to produce these products closer to the customer. We see tremendous opportunity to create additional value and potentially grow further in this very important market."
Source: Weekly “PetroChemical News”, Durham, NC, USA; 9 Sept 2019
(Syed Rashid Ali, Karachi, Pakistan)