Sasol and LyondellBasell announce a $2 billion petrochemical joint venture in Lake Charles, Louisiana
Sasol of South Africa recently announced plans that it would sell 50% of its stake in an ethane cracker and two polyethylene plants, plus any associated infrastructure at the Lake Charles Chemicals Complex (LCCP) in Lake Charles, Louisiana. This $2 billion sale is expected to help Sasol reduce its current debt of approximately $11 billion.
The units involved in this transaction are the 1.5 million tons per year (MMtpy) ethane cracker and 0.9 MMtpy low and linear low density plants at the LLCP. LyondellBasell will operate these units under the new name of Louisiana Integrated PolyEthylene JV LLC, while Sasol is expected to retain full ownership of the Lake Charles Research and Development complex and performance chemicals business. Sasol will also keep its ownership of the empty site locations for potential future development.
This transaction is subject to customary regulatory approvals and approval by Sasol shareholders, and is expected to close by the end of 2020.
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Boxscore Construction Analysis:
Business Trends: Asia and Europe join the feedstock evolution with steam crackers
From the April 2018 issue of Hydrocarbon Processing