LyondellBasell, a multinational refining and chemical company and Sasol a specialized global energy and integrated chemical company has announced the completion of their Polyethylene Joint Venture (JV) along with all regulatory and shareholder approvals. The deal is in line with LyondellBasell growth strategy for diversifying its business in value-based assets in the potential markets. Projects included in the joint venture are an Ethanol Cracker plant of 0.9 million metric tonne in addition to a 0.9 million metric tonnes of low density and linear low-density Polyethylene plants.
As mentioned in the agreement, LyondellBasell will serve as a prime operator and marketer of all the three assets along with Polyethylene end products. In support of the agreement CEO of LyondellBasell stated that the Joint Venture is in line with its plans of expanding its core business segments along with directing the company to fetch maximum gains from improving economic conditions. He emphasized that the joint venture would brace both the companies for creating exceptional revenue in the coming years.
As per ChemAnalyst, “the deal will assist Sasol to achieve its extensive targets in future and will modifying its overall business for resilient and sustained gains in the long run.”