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ROTTERDAM, NetherlandsandBEIJING, Jan. 25, 2021 /PRNewswire/ --LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining companies in the world and the China Petroleum & Chemical Corporation (Sinopec), one of the largest integrated energy companies in China, today announced the signing of an agreement to form a 50:50 joint venture (JV) which will produce propylene oxide (PO) and styrene monomer (SM) in China's domestic market. First announced on December 23, 2019, the JV will operate under the name Ningbo ZRCC LyondellBasell New Material Company Limited. LyondellBasell's Torkel Rhenman, Executive Vice President, Global Intermediates and Derivatives, signs an agreement with Sinopec to form a 50:50 joint venture (JV) in Houston, Texas LyondellBasell's Torkel Rhenman, Executive Vice President, Global Intermediates and Derivatives, displays a signed agreement with Sinopec to form a 50:50 joint venture (JV) in Houston, Texas "As China's economy continues to grow, so will demand for propylene oxide and styrene monomer. We are excited to expand our relationship with Sinopec through this joint venture in order to better serve China's domestic market. Sinopec's outstanding operational capabilities combined with LyondellBasell's leading technology is a win-win," said Torkel Rhenman, Executive Vice President, Intermediates and Derivatives, and Refining. "Built on the remarkable success of our first Joint Venture, we are very delighted to continue to enhance the important partnership with LyondellBasell for future achievements. The establishment of the newJoint Venture is not only in line with the national drive forfurther opening-up, but also avital step for Sinopec to deepen and expand our international operations," said Yu Baocai, Senior Vice President of Sinopec Corp."We havegreat expectations on the newJoint Venturefor propellingthe economic development of the city of Ningboto a new level. During the 14th Five-Year Plan period(2021-2025), Sinopec will continue to promote green industrial upgradingand innovativetransformation, contributingto theeverlastingeconomic growth of ZhejiangProvinceand EasternChina, and even the development of thechemical industryin China." The JV will construct a newPO and SM unit in ZhenhaiNingbo, China. This new unit will have 275 kilotons per annum (KTA) capacity of PO and 600 KTA capacity of SM. The unit will use LyondellBasell's leading PO / SM technology. Products produced by the JV will be marketed equally by both partners, significantly expanding their respective participation in the Chinese market for PO and SM. Startup is expected at the end of 2021. The formation of the JV is subject to approvals by relevant government authorities, including antitrust review by the State Administration for Market Regulation. LyondellBasell expects to make its equity contribution to the JV during the first quarter of 2021.According to IHS Markit,Chinaaccounts for more than 60 percent of chemical market demand in Asia and represents 40 percent of global chemical market growth over the next decade. PO and SM are core products of LyondellBasell and are used in a variety of applications including packaging, building and construction, furnishings and transportation.LyondellBasell operates five wholly-owned facilities inChinawhich arelocated inGuangzhou, Suzhou,Dalian,Dongguanand Changshu.About LyondellBasellLyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challengeslikeenhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world's largest producer of polymer compounds and the largest licensor of polyolefin technologies.In 2020, LyondellBasell was named to Fortune Magazine's list of the "World's Most Admired Companies" for the third consecutive year.More information about LyondellBasell can be found atwww.lyondellbasell.com.About SinopecSinopec Group is the largest oil and petrochemical products supplier and the second largest oil and gas producer in China, the largest refining company, and the third largest chemical company in the world. Its total number of gas stations ranks the second place in the world. Forward-Looking StatementThe statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. When used in this release, the words "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Actual results could differ materially based on factors including, but not limited to, our ability to obtain all necessary antitrust or other regulatory approvals; our ability to successfully construct and operate the proposed facilities described; market conditions; the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; uncertainties related to the extent and duration of the pandemic-related decline in demand, or other impacts due to the COVID-19 pandemic in geographic regions or markets served by us, or where our operations are located; and risks and uncertainties posed by international operations, including foreign currency fluctuations. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" sections of our Form 10-K for the year endedDecember 31, 2019, and our Form 10-Q for the quarters endedMarch 31, 2020, and September 30, 2020, which can be found atwww.LyondellBasell.comon the Investor Relations page and on the Securities and Exchange Commission's website atwww.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law.SOURCE LyondellBasell Related Links http://www.lyondellbasell.com

Answer: LyondellBasell and Sinopec finalize joint venture to manufacture propylene oxide and styrene monomer in China USA - English Polska - Polski Deutschland - Deutsch USA - English France - Franais Italia - Italiano Nederland - Nederlands Espaa - espaol