South Africa's Sasol said on Wednesday its Louisiana Integrated Polyethylene joint venture (JV) with chemical company LyondellBasell Industries had been established, following closure of the deal on Dec. 1. LyondellBasell agreed in October to acquire a 50% stake in Sasol's base chemicals business at Lake Charles for $2 billion and operate the newly formed 50/50 JV, comprising the base chemicals business.
HOUSTON and JOHANNESBURG, Dec. 2, 2020 /CNW/ -- LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining companies in the world, and Sasol (JSE: SOL, NYSE: SSL), a global integrated chemicals and energy company, today announced the closing of their Louisiana-based Integrated Polyethylene Joint Venture (JV) transaction following required regulatory and shareholder approvals.
Shares of Sasol (NYSE: SSL) had surged more than 11% by 1:45 p.m. EST on Tuesday. Fueling the energy and chemical company's stock was the sale of its stake in Gemini HDPE. Sasol's North American chemicals subsidiary has agreed to sell its 50% membership interest in Gemini HPDE to INEOS, a leading global chemical producer.