September 5, 2019 / 11:01 AM / 6 months ago

LyondellBasell in MOU with China's Bora for $12 bln chemical investments - Xinhua

SINGAPORE, Sept 5 (Reuters) - Chemical and fuel company LyondellBasell Industries entered a memorandum of understanding with China's Bora Enterprise Group to build a chemical complex in northeast China, state media Xinhua reported on Thursday.

Under the MOU, the companies agreed to invest $12 billion over the next 10 years in a series of petrochemical projects in Liaoning's Panjin city.

LyondellBasell will take 50% stake in the chemical projects being built by the Chinese firm, Xinhua said.

Among the proposed phase-one investment with a total cost of 18 billion yuan ($2.54 billion) are the production of 800,000 tonnes per year (tpy) of polyethylene, 600,000 tpy polypropylene and 350,000 tpy styrene, Xinhua reported, without giving a timeline when the facilities are expected to be built. ($1 = 7.0928 Chinese yuan renminbi) (Reporting by Chen Aizhu; Editing by Alexander Smith)

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