LyondellBasell announces a new joint venture with Sinopec in China

News provided by

News Updates on Industries

Dec 23, 2019, 09:44 EST

Dec 23, 2019, 09:44 /Comserve / -- The company plans to manufacture styrene monomer and propylene oxide as a part of this joint venture in China

Image placeholder

LyondellBasell, a leading company that is involved in the manufacturing of plastics and chemicals as well as refining, announced that it signed a Memorandum of Understanding (MoU) with the China Petroleum & Chemical Corporation (Sinopec) for the creation of a 50:50 joint venture. Sinopec is one of the biggest integrated energy and chemical companies in China.

Under this contract, the joint venture will be constructing a new unit for propylene oxide (PO) and styrene monomer (SM) development in Zhenhai, Ningbo, China. After the finalization of this deal, the venture will be built in the same location as Ningbo ZRCC Lyondell Chemical Company Limited, which is the existing joint venture of the two companies.

As per the CEO of LyondellBasell, Bob Patel, the growing demand for construction and packaging materials is anticipated to create an opportunity for bringing together LyondellBasell’s innovative technology along with Sinopec’s operational abilities.

The new unit is expected to produce around 300 kilo tons of propylene oxide per year and about 600 kilo tons of styrene monomer annually. The construction of the new facility will start in early 2020 and it will become operational in 2022.

About LyondellBasell

LyondellBasell is a major company for plastics, chemicals and refining that produces materials and other products that provide solutions to various challenges such as improving food safety through better packaging, ensuring fuel efficiency of various cars and trucks and protecting water supply purity through light and flexible pipes. The company sells products and materials in over 100 countries apart from being the world’s largest producer of polymers.

Independent Writer

For more information, please contact:

Jackie Hurtado

News Updates on Industries
Tel: +1-612-695-8655

Related Links

Also from this source

Last Quarter of 2019 Ends on a Successful Note for the Online Marketplace and Sandhills Global’s Shipping Partner, FR8Star

Recent announcement had been made about the successful closure of previous quarter for 2019 by FR8St

Alexandria Real Estate Equities, Inc. Announces Public Offering Price On 6,000,000 Shares Of Common Stock

The company further allowed the underwriters to buy additional shares up to 900,000 for a time perio


More news releases in similar topics