SINGAPORE, Sept 5 (Reuters) - Chemical and fuel company LyondellBasell Industries entered a memorandum of understanding with China’s Bora Enterprise Group to build a chemical complex in northeast China, state media Xinhua reported on Thursday.
Under the MOU, the companies agreed to invest $12 billion over the next 10 years in a series of petrochemical projects in Liaoning’s Panjin city.
LyondellBasell will take 50% stake in the chemical projects being built by the Chinese firm, Xinhua said.
Among the proposed phase-one investment with a total cost of 18 billion yuan ($2.54 billion) are the production of 800,000 tonnes per year (tpy) of polyethylene, 600,000 tpy polypropylene and 350,000 tpy styrene, Xinhua reported, without giving a timeline when the facilities are expected to be built. ($1 = 7.0928 Chinese yuan renminbi) (Reporting by Chen Aizhu; Editing by Alexander Smith)