LyondellBasell to acquire 35% interest in NATPET from Alujain for $500M

LyondellBasell announced it entered into an agreement to acquire a 35% interest in Saudi Arabia-based National Petrochemical Industrial Company, or NATPET, from Alujain for approximately $500M. Enabled by its Spheripol polypropylene technology, the joint venture positions LYB to grow and upgrade its core PP business through access to advantaged feedstocks, plus additional product marketing capacity, in a strategic region. Closing of the transaction is subject to regulatory and other customary closing conditions. Alujain and LYB are also assessing together potential construction of a new propylene via propane dehydrogenation and PP facility at the NATPET site, subject to a final investment decision. The project is being studied with a shared goal to implement solutions that align with the Kingdom of Saudi Arabia’s 2060 carbon reduction strategy.