Lyondell Basell Acquires 35 % Stake in Saudi Firm Natpet

Polypropylene Lyondell Basell Acquires 35 % Stake in Saudi Firm Natpet

2024-06-03 Source: Press release Lyondell Basell 2 min Reading Time

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Lyondell Basell has successfully completed the acquisition of a 35 % stake in National Petrochemical Industrial Company (Natpet) from Alujain. This move enables Lyondell Basell to expand its core polypropylene business.

Lyondell Basell and Alujain have recently announced completion of the acquisition of a 35 % interest in Saudi Arabia–based National Petrochemical Industrial Company (Natpet).(Source: Ayman - stock.adobe.com) — Lyondell Basell and Alujain have recently announced completion of the acquisition of a 35 % interest in Saudi Arabia–based National Petrochemical Industrial Company (Natpet).
(Source: Ayman - stock.adobe.com)

Riyadh/Saudi Arabia – Lyondell Basell (LYB) and Alujain Corporation (Alujain) have recently 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."

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"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.

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