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LyondellBasell, one of the world's largest plastics, chemicals and refining companies, has announced that it has signed a memorandum of understanding (MoU) with China's largest integrated energy and chemical company, Sinopec, to establish a 50: 50 joint ventures
.
Under the MoU, the joint venture will build a new propylene oxide (PO) and styrene monomer (SM) plant in Zhenhai, Ningbo, China, to meet domestic market demand
.
"The establishment of joint ventures in China, a strategic market, is an important part of our growth strategy," said Bob Patel, CEO of LyondellBasell
.
Dai Houliang, chairman of Sinopec, said: "This is the second PO/SM cooperative plant between Sinopec and LyondellBasell, and it is also based on the partnership of the first cooperative plant
.
The new plant is expected to produce 3 million tons of propylene oxide and 600,000 tons of styrene per year
.
According to IHS Markit research data, over the next decade, China will account for more than 60% of the chemical market demand in Asia and 40% of global chemical growth
.
LyondellBasell has five wholly-owned factories in China, located in Guangzhou, Suzhou, Dalian, Dongguan and Changshu
.
