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RIYADH: A strategic partnership agreement was signed on Tuesday between Saudi Arabia’s petrochemical manufacturing company Alujain Corporation and Basell International Holdings, a subsidiary of LyondellBasell Industries, at the Ministry of Energy headquarters in Riyadh on Tuesday.

The agreement, inked in the presence of Energy Minister Prince Abdulaziz bin Salman, outlines Basell’s acquisition of a 35 percent stake in the National Petrochemical Industrial Co. — still being developed by Alujain Corporation. And NATPET is working to build a petrochemical complex at a cost of around SR7.5 billion ($1.99 billion), the ministry said.

The deal is in alignment with the goals of Saudi Vision 2030 to add value to local commodities, in this case producing products for the plastics, automotive, electronics and construction industries.

“We welcome the opportunity to deepen our ties with LYB, first as licensee and now as joint venture partner,” said Alujain Chairman Mohammed bin Saleh Al-Khalil.

“We look forward to advancing our collective efforts to produce and market essential materials that serve our customers’ needs across the globe. This new investment is a great step forward for developing the downstream sector in the Kingdom of Saudi Arabia, and Alujain has plans to drive these developments further,” he added.

LYB CEO Peter Vanacker said: “This investment in NATPET reflects our strategy of growing and upgrading our core around assets and businesses with lasting advantages.

“We are pleased to invest in this joint venture, which leverages LYB’s technology, leading global market positions and Alujain’s proven operational excellence. We expect the joint venture will add value both through our ownership interest, as well as marketing of the products in key regions.”

The partnership comes after the Ministry of Energy approved the allocation of feedstock needed to establish NATPET.

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