LyondellBasell Completes Acquisition of 35% Stake in Natpet from Alujain
LyondellBasell (LYB) has completed the acquisition of a 35% interest in Saudi Arabia-based National Petrochemical Industrial Company (Natpet) from Alujain. The transaction was announced in January of this year.
The joint venture is enabled by LYB’s Spheripol polypropylene (PP) technology and positions the company 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’s CEO, Peter Vanacker. "With our strategic partner Alujain, the joint venture will leverage LYB's leading technology and global market positions," Vanacker added.
"We are very pleased to strengthen our partnership with LYB," said Mohammed Bin Saleh AlKhalil, chairman of Alujain. "This investment as well marks a significant stride toward enhancing the propylene downstream sector in the Kingdom of Saudi Arabia."
Natpet currently has a PP production capacity of approximately 400,000 t/y. 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, the two companies said.
