HomeNewsSasol to raise $2B in part sale of U.S chemicals unit to LyondellBasell

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Sasol to raise $2B in part sale of U.S chemicals unit to LyondellBasell

10/7/2020

South Africa's Sasol announced chemical company LyondellBasell Industries has agreed to acquire a 50% stake in a unit of its U.S-based business for $2 billion, helping the petrochemicals firm to cut debt. As part of the agreement, the two companies will form a 50/50 joint venture which will take over the base chemicals business at Lake Charles. LyondellBasell will be the operator of the new JV firm, Sasol said. The Lake Charles project consists of seven manufacturing units for products used in cleaning detergents and cosmetics. Sasol said it will retain full ownership of the U.S performance chemicals business as well as the original ethane cracker. "The transaction will represent a signifi

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