LyondellBasell signs an agreement with Chinese refiner with worth of 2.6 million dollar joint venture to produce petrochemicals in north east China’s Liaoning province. LyondellBasell will take a 50% stake alongside Liaoning Bora Enterprise Group, one of a number of independent Chinese oil refiners known as “teapots”. The joint venture will operate a 1.1 million tonnes per year ethylene cracker and polyolefin derivatives complex in the coastal city of Panjin.The estimated $2.6 billion cost marks the biggest investment yet in petrochemicals by a Chinese “teapot” looking to diversify away from the saturated local fuel market.“The complex will produce products that serve the growing demands of various industries in China, including packaging, transportation, building and construction, and healthcare and hygiene,”.
