LyondellBasell seeks to further expand PO/SM business in China

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A LyondellBasell executive said on Tuesday (24th) that the company is considering the possibility of setting up a new joint venture in China that will build propylene oxide/ Styrene (PO/SM) unit.

Torkel Rhenman, executive vice president of LyondellBasell, said at the investor meeting that the proposal is only an intention, and there is no exact timetable for when LyondellBasell will make a decision on the project.

"We are focused on potential investments to expand the PO/SM business in China," he said.

LyondellBasell sees joint ventures as attractive because a Chinese partner would reduce the cost and construction time of the project.

LyondellBasell will provide its PO/SM process technology.

Lyondell and Sinopec Zhenhai Refining & Chemical established a joint venture (Ningbo Zhenhai Refining & Chemical Lyondell Chemical Co., Ltd.) in 2007 with a registered capital of RMB 1.48 billion. Sinopec and Lyondell contributed 73.35% and 26.65%. The joint venture company has 285,000 tons/year propylene oxide and 620,000 tons/year styrene plants. The company uses Zhenhai Refining & Chemical's rich ethylene raw material resources and complete public works supporting facilities to introduce LyondellPO/SM proprietary production technology.

The predecessor of LyondellBasell, Basel, was a joint venture established by BASF and Shell in 2000 by merging the polyolefin business. In 2005, it was spun off by the two companies and operated independently. In 2007, Basel spent US$19 billion to acquire Lyondell Corporation of the United States and changed its name to LyondellBasell. Its main business involves basic chemicals and oil refining business. It is the world's largest producer of polypropylene and propylene oxide, and the world's leading producer of polyethylene, Oxygenated fuel producers.