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According to Chinanews.
com, one of the top 500 Chinese enterprises, Liaoning Baolai Enterprise Group Co.
, Ltd.
, and one of the world's largest chemical companies, LyondellBasell Industries, Ltd.
, the Netherlands, jointly cooperated on the "Borai LyondellBasell Project".
The agreement was formally signed in Shenyang on March 6
.
The signing site of the Polaris LyondellBasell project
.
The signing site of the Polaris LyondellBasell project
.
To build a world-class polyolefin and chemical production base in Panjin
After the joint venture and cooperation projects are all completed, Panjin will become a world-class polyolefin and chemical production base, and drive the development of related industrial chains, including plastic packaging, building materials, engineering construction, equipment manufacturing, transportation and warehousing and other industries, and it is expected to stimulate industrial investment.
More than 100 billion yuan will further boost the high-quality development of Liaoning's petrochemical industry
.
Liaoning Baolai Enterprise Group Co.
, Ltd.
is the largest private petrochemical enterprise in Northeast China.
At present, the total assets of the group exceed 100 billion yuan
.
LyondellBasell Industries is one of the world's largest plastics, chemical and oil refining companies with operations in 24 countries and customers in more than 100 countries.
The World's Most Admired Company"
.
Hold 50% of each share to build a joint venture
Hold 50% of each share to build a joint ventureThe two parties were formed in 2017
.
On September 5, 2019, the two parties signed a memorandum of understanding on joint venture cooperation and a government support agreement.
It is proposed that LyondellBasell Industries will take a 50% stake in the project under construction of Polaris Chemical with a total value of about 2.
6 billion US dollars.
After further negotiation, the two sides may plan to implement medium and long-term petrochemical industry projects with a total investment of 12 billion US dollars within the next 10 years
.
China's polyolefin market accounts for about 40% of the global market
China's polyolefin market accounts for about 40% of the global market“China is a huge market with growing demand for high-quality polyolefin products,” said LyondellBasell CEO Bob Patel.
“LyondellBasell’s leading technology and Polaris Operational excellence will allow us to run production steadily and provide local customers with the products they need
.
"
According to an analysis report by IHS Markit consulting firm, Asia is the largest and fastest-growing polyolefin market in the world, of which China's polyolefin market accounts for more than 60% of the Asian polyolefin market and 40% of global growth
.
Olefins and polyolefins are LyondellBasell's core products
.
