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.

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.

Source: LyondellBasell Corporate and Financial News, 30^th May 2024.