LyondellBasell Enters into a Strategic Joint Venture with Sasol to Build Integrated Polyethylene Unit
LyondellBasell, one of the leading polymers and chemicals giants int the world, has reported to indulge in a joint venture to build an integrated Polyethylene unit with Sasol, a company known for its expertise in integrated energy and chemicals across the world. The agreement will allow LyondellBasell to secure half of Sasol’s 1.5 Million MT Ethane Cracker unit along with several Linear-Low Density Polyethylene (LDPE) plants with linked infrastructure. The joint venture worth USD 2 Billion will be operating under the appellation, Louisiana Integrated Polyethylene JV LLC. The newly built assets of this collaboration are deliberately located at the U.S Gulf Cost to attain supreme access to affordable feedstock, infrastructure, storage, and logistics. In support of the deal, CEO of LyondellBasell stated that this strategic investment will assist both the companies to build a deep rooted and long-term partnership in enlarging their business potential. He even showcased light on the financial aspects mentioning the deal to be incremental to both the companies with estimated EPS within one year as the international market is paving its way back after an unprecedented slump.