HOUSTON and RIYADH, Saudi Arabia, May 30, 2024 /PRNewswire/ -- LyondellBasell (LYB)
and Alujain Corporation (Alujain) today announced completion of the
acquisition of a 35% interest in Saudi Arabia–based National
Petrochemical Industrial Company (NATPET) by LYB from Alujain.
The joint venture is enabled by LYB Spheripol
polypropylene (PP) technology and positions LYB to profitably
expand its core PP business by gaining access to advantaged
feedstocks and additional product marketing volumes.
"This investment in NATPET reflects our commitment to grow and
upgrade our core businesses and strengthen our presence in
Saudi Arabia through a new
long-term partnership," said LYB CEO Peter
Vanacker. "With our strategic partner Alujain, the joint
venture will leverage LYB's leading technology and global market
positions. Customers will enjoy enhanced supply reliability through
a larger global operations and marketing network."
"We are very pleased to strengthen our partnership with LYB,"
said Mohammed Bin Saleh AlKhalil,
Chairman of Alujain. "We look forward to continuing our joint
efforts to produce essential high-end materials that serve our
customers' needs locally and across the globe. This investment as
well marks a significant stride toward enhancing the propylene
downstream sector in the Kingdom of Saudi
Arabia, in full alignment with the Kingdom of Saudi Arabia's Vision 2030,
Ministry of Energy and Ministry of Industry Strategies."
NATPET currently has approximately 400,000 tons of annual PP
production capacity. LYB will market the majority of the volume of
the joint venture's production through its global network. Alujain
and LYB are also jointly assessing the construction of a new
propylene via propane dehydrogenation (PDH) and PP facility at the
NATPET site, subject to a final investment decision. The project is
being developed with a shared goal of targeting high-end products,
and implementing solutions that align with the Kingdom of Saudi Arabia's 2060 Carbon
reduction strategy.
About LyondellBasell
We are LyondellBasell (NYSE: LYB)
― a leader in the global chemical industry creating solutions for
everyday sustainable living. Through advanced technology and
focused investments, we are enabling a circular and low carbon
economy. Across all we do, we aim to unlock value for our
customers, investors and society. As one of the world's largest
producers of polymers and a leader in polyolefin technologies, we
develop, manufacture and market high-quality and innovative
products for applications ranging from sustainable transportation
and food safety to clean water and quality healthcare. For more
information, please visit www.lyondellbasell.com or follow
@LyondellBasell on LinkedIn.
About Alujain Corporation
Alujain Corporation was
established in 1991 with a view to adding value to Saudi Arabia's natural hydrocarbon and mineral
resources. It is a listed Saudi joint stock company and its head
office is in Riyadh, Kingdom of Saudi Arabia. Alujain's main
strategic objectives are to identify, evaluate, promote, develop
and invest/operate major industrial projects in petrochemicals,
mining, metals, energy sectors and other projects, with a
commitment to creating value for its shareholder by utilizing local
strengths and talents, capacities, wealth and natural resources,
also setting the highest standards of national, social and
environmental responsibility.
Cautionary Note Regarding Forward-looking
Statements
The statements in this release relating to
matters that are not historical facts are forward-looking
statements. These forward-looking statements are based upon
assumptions of management which are believed to be reasonable at
the time made and are subject to significant risks and
uncertainties. Actual results could differ materially from the
projections, anticipated results, or other expectations expressed
in this release, including, but not limited to, the final
investment decision and the successful construction and operation
of the proposed facilities described in this release; and our
ability to implement our strategy and successfully align our asset
base with that strategy. While these statements and projections are
made in good faith, LyondellBasell and its management cannot
guarantee that anticipated future results will be achieved.
Additional factors that could cause results to differ materially
from those described in the forward-looking statements can be found
in the "Risk Factors" section of our Form 10-K for the year ended
December 31, 2023, which can be found
at www.LyondellBasell.com on the Investor Relations page and
on the Securities and Exchange Commission's website at
www.sec.gov.
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