(RTTNews) - LyondellBasell Industries N.V. (LYB), a specialty chemicals company, Tuesday announced that it has agreed to acquire a 35 percent stake in National Petrochemical Industrial Company or NATPET, affiliated to Saudi Arabian petrochemical company, Alujain Corp. for around $500 million.
With this transaction, LYB expects to grow and upgrade its core polypropylene or PP technology through access to advantaged feedstocks along with product marketing capacity.
Further, both LYB and Alujain are assessing together the potential construction of a new propylene via propane dehydrogenation and PP facility at the NATPET site.
As per the chemical firm, NATPET has an annual PP production capacity of around 400,000 tons.
In pre-market activity, LYB shares are trading at $95.18, up 0.79% on the New York Stock Exchange.
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