20 January 2012 04:54 [Source: ICIS news]
SINGAPORE (ICIS)--LyondellBasell has withdrawn its February offers for polyethylene (PE) and polypropylene (PP) in southeast Asia, India, China, the Middle East and Africa, following power outages at plants in Al-Jubail, sources close to the producer said on Friday.
“The producer withdrew its offers in south Asia last evening in a knee-jerk reaction, and did the same in southeast Asia on Friday morning,” one of the sources said.
A second source said: “LyondellBasell have put the new offers on hold for a few days.”
LyondellBasell is a joint venture partner in four PE and PP plants in Al-Jubail that are operated by Al Waha Petrochemical, Saudi Ethylene and Polyethylene Co (SEPC) and Saudi Polyolefins Company (SPC). (please see table below)
Al Waha is a 75:25 joint venture between Sahara Petrochemical Co and LyondellBasell.
SEPC is a joint venture between National Industrialisation Co (TASNEE) with a 50.6% stake, Sahara Olefins with a 24.4% stake and LyondellBasell, which holds the remaining 25%.
LyondellBasell holds a 25% stake in SPC, with the remaining shares owned by TASNEE.
LyondellBasell was not immediately available for comment.
LyondellBasell’s joint venture PE, PP plants in Al-Jubail Company Product Capacity (kt/year) Saudi Ethylene and Polyethylene Co (SEPC) HDPE 400 LDPE 400 Al Waha Petrochemical PP 450 Saudi Polyolefins Co (SPC) PP 700-750
Saudi Ethylene and Polyethylene Co (SEPC)
Al Waha Petrochemical
Saudi Polyolefins Co (SPC)
Additional reporting by Chow Bee Lin
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