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S.Africa's Sasol approves JV with LyondellBasell for U.S. chemicals project

Reuters
Updated ·1 min read

JOHANNESBURG, Nov 20 (Reuters) - South Africa's Sasol said on Friday shareholders have approved a proposed agreement to form a joint venture with chemical company LyondellBasell Industries at its U.S Lake Charles Chemicals Project in a bid to pay down its debt pile.

LyondellBasell agreed last month to acquire a 50% stake of Sasol's base chemicals business at Lake Charles for $2 billion and operate the newly formed joint venture.

The world's top manufacturer of motor fuel from coal has been battling high debt amid lower oil and chemicals prices, prompting it to search for a partner at the Louisiana-based plant.

(Reporting by Promit Mukherjee; Editing by Emma Rumney)