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Home > News > Corporate News

LyondellBasell to acquire 35% of Saudi Arabia-based NATPET for US$500 million

Source:Adsale Plastics Network Date :2024-02-09 Editor :RC
Copyright: This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

LyondellBasell entered into an agreement to acquire 35% of Saudi Arabia-based National Petrochemical Industrial Company (NATPET) from Alujain Corporation for approximately US$500 million.

 

Enabled by LyondellBasell’s Spheripol polypropylene (PP) technology, the joint venture facilitates LyondellBasell to grow and upgrade its core PP business through access to advantaged feedstocks and higher product marketing capacity, in the strategic region.

 

As majority owner of NATPET, Alujain is a longtime licensee of Spheripol PP technology, one of the solution it uses to operate a propylene and PP complex in Yanbu Industrial City.


LyondellBasell Saudi Arabia NATPET signing_480.JPG

LyondellBasell entered into an agreement to acquire 35% of Saudi Arabia-based NATPET.

 

Peter Vanacker, CEO of LyondellBasell, commented that the joint venture leverages LyondellBasell’s technology, leading global market positions and Alujain’s proven operational excellence.

 

“This new investment is a great step forward for developing the downstream sector in the Kingdom of Saudi Arabia, and Alujain has plans to drive these developments further,” added Mohammed Bin Saleh AlKhalil, Alujain Chairman.

 

Closing of the transaction is subject to regulatory and other customary closing conditions.

 

The two partners are also assessing potential construction of a new propylene via propane dehydrogenation (PDH) and PP facility at the NATPET site, subject to a final investment decision.


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Acquisition
LyondellBasell
Polypropylene (PP)
 Hengli Petrochemical Co.,Ltd      
 Grand Resources Group      
 Tianmao Petrochemical Jiangsu Co., Ltd.      
 Ningbo Yongteng New Material CO.,ltd      
 Silian Petrochemical CO., LTD      
 Jiangsu Hanguang Industrial Co., Ltd.      
 Nanjing Bersilion Industries Co., Ltd      
 GUANGZHOU SAIJU PERFORMANCE POLYMER LTD.      
 Anhui Ruihua Advanced Materials Co., Ltd.      
 Guangdong MEIJOY Products Co., Ltd      
 LINGWE TECHNOLOGY CO.,LTD.      

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