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LyondellBasell and Sinopec to form joint venture in China

LyondellBasell Industries NV signed a nonbinding memorandum of understanding to form a joint venture with China Petroleum & Chemical Corp., or Sinopec.

The joint venture will build a propylene oxide and styrene monomer unit in Zhenhai, Ningbo, China, and will further develop the two companies' existing joint venture Ningbo ZRCC Lyondell Chemical Co. Ltd.

The joint venture is expected to launch construction of the unit at the start of 2020 and start operations in 2022. It will manufacture 300 kilotons per year of propylene oxide and 600 kilotons per year of styrene monomer.