Sasol, LyondellBasell agreement finalized

John Guidroz

A joint venture between Sasol and LyondellBasell that involves Sasol’s Lake Charles Chemical Complex was officially completed Wednesday, officials said.

The transaction, first announced in October, had Sasol selling half of the stake in its 1.5 million ton ethane cracker, two polyethylene plants and associated infrastructure to LyondellBasell for $2 billion. The joint venture, known as Louisiana Integrated Polyethylene JV LLC, closed after approval by shareholders, along with regulatory approvals.

The agreement calls for LyondellBasell to operate the three units on Sasol’s behalf and market the polyethylene products on behalf of the two shareholders of the joint venture. A news release said 400 Sasol Lake Charles employees that are supporting the effort now work for LyondellBasell.

Sasol will continue to fully own and operate its Lake Charles research and development facility, as well as 11 other Lake Charles chemical manufacturing sites. It will continue to own vacant land on site that is ready for development.

Bob Patel, LyondellBasell CEO, said in a statement that the joint venture will help grow its core business and set up the company to “benefit from improving economic conditions.”

“We believe our ability to operate efficiently and serve growing markets will create exceptional long-term value for our shareholders and both companies,” he said.

Fleetwood Grobler, Sasol president and CEO, said the agreement moves the focus of the company’s business to specialty chemicals.

Sasol officials announced in April an expected loss of $50 million to $100 million for the Lake Charles Chemicals Complex because of falling oil prices and a global drop in product demand. Senior and executive employees reacted with a 20 percent salary reduction for eight months. Supervisory-level employees took a 10 percent cut.A joint venture between Sasol and LyondellBasell that involves Sasol’s Lake Charles Chemical Complex, has Sasol selling half of the stake in its 1.5 million ton ethane cracker, two polyethylene plants and associated infrastructure to LyondellBasell for $2 billion.

American Press Archives

SportsPlus

McNeese Sports

SLC games set for McNeese

McNeese Sports

Cowgirls look for four-peat

Local News

UPDATE: Drug charges against veterinarian cleared of rape dropped

Local News

Cassidy, Senate committee advances Robert F. Kennedy Jr. nomination to be health secretary

Business

Waffle House adds surcharge to eggs as massive bird flu outbreak leads to soaring prices

Local News

Federal judge blocks enforcement of La. police ‘buffer-zone’ law

Local News

Louisiana Armed Forces Alliance opens new offices

Local News

NY shields abortion pill prescribers after doctor indicted in La.

McNeese Sports

Cowboys win by a tick

Business

Wall Street swerves lower after Trump announces tariffs and then puts some on hold

Local News

A heart for kids: New Big Brothers Big Sisters CEO driven to help others

McNeese Sports

Hot-shooting Nicholls guns down Pokes

McNeese Sports

Cowgirls struggle early, fall to Nicholls

Informer

The Informer: Floods followed in wake of 1940 Gulf Coast storm

Business

Economic advisor: Collaboration, focus on workforce development key

Jim Beam

Jim Beam column:Professor back in classroom

life

String theory: Thompson rediscovers her art voice in fabrics

Local News

Qualifying ends, ballots set for March election

Crime

1/31: Calcasieu Parish Sheriff announces arrest list

life

Southwest District Livestock Show: Time again to hit the dirt

Crime

Former veterinarian found not guilty in rape of young girls at Kinder casino

McNeese Sports

Cowboys end road trip at Nicholls

Local News

UPDATE: La. fourth-graders in the top five in nation for math growth

Local News

Mercedes Lartigue-Sinegal: ‘I find fulfillment in helping students develop their knowledge and skills’