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HOUSTON and RIYADH, Saudi Arabia, May 30, 2024 /PRNewswire/ — LyondellBasell (LYB) and Alujain Corporation (Alujain) today announced completion of the acquisition of a 35% interest in Saudi Arabia–based National Petrochemical Industrial Company (NATPET) by LYB from Alujain.
The joint venture is enabled by LYB Spheripol polypropylene (PP) technology and positions LYB 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…