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There is a new development in the cooperation between Polaris Group and LyondellBasell Industries, one of the world's largest polymer, petrochemical products and fuel oil production companies, and one of the world's top 500 companies
.
According to the website of Qichacha, on August 15, the name of "Liaoning Baolai Chemical Co.
, Ltd.
" was changed to "Borai Lyondell Basel Petrochemical Co.
, Ltd.
"
.
In September 2019, Bora Group and Basel decided to carry out joint venture cooperation with Bora Chemical as the main body.
According to the terms of MOU-6.
5 of the Memorandum of Understanding on Joint Venture Cooperation signed by the two parties, the total investment of the project reached 12 billion US dollars (equivalent to about 80 billion yuan)
.
In August this year, the steam cracking unit of the Liaoning Baolai Light Hydrocarbon Comprehensive Utilization Project was completed and put into operation, producing qualified ethylene.
The project is part of a US$12 billion investment
.
According to the website of Qichacha, on August 15, the name of "Liaoning Baolai Chemical Co.
, Ltd.
" was changed to "Borai Lyondell Basel Petrochemical Co.
, Ltd.
"
.
In September 2019, Bora Group and Basel decided to carry out joint venture cooperation with Bora Chemical as the main body.
According to the terms of MOU-6.
5 of the Memorandum of Understanding on Joint Venture Cooperation signed by the two parties, the total investment of the project reached 12 billion US dollars (equivalent to about 80 billion yuan)
.
In August this year, the steam cracking unit of the Liaoning Baolai Light Hydrocarbon Comprehensive Utilization Project was completed and put into operation, producing qualified ethylene.
The project is part of a US$12 billion investment
.
According to the website of Qichacha, on August 15, the name of "Liaoning Baolai Chemical Co.
, Ltd.
" was changed to "Borai Lyondell Basel Petrochemical Co.
, Ltd.
"
.
In September 2019, Bora Group and Basel decided to carry out joint venture cooperation with Bora Chemical as the main body.
According to the terms of MOU-6.
5 of the Memorandum of Understanding on Joint Venture Cooperation signed by the two parties, the total investment of the project reached 12 billion US dollars (equivalent to about 80 billion yuan)
.
In August this year, the steam cracking unit of the Liaoning Baolai Light Hydrocarbon Comprehensive Utilization Project was completed and put into operation, producing qualified ethylene.
The project is part of a US$12 billion investment
.
According to the announcement of Jinzhou Port, the former shareholder of Baolai Chemical, according to Basel's requirements, the overall capital ratio of the project should not be less than 40%, that is, the capital investment of all parties will increase to about 4.
8 billion US dollars (equivalent to about 32 billion yuan).
About eight times the full-year net profit of the Polaris Group in 2019
.
Jinzhou Port previously announced that Jinzhou Tengrui, a wholly-owned subsidiary of Jinzhou Port, signed the Equity Transfer Agreement with Bora Group, and Jinzhou Tengrui transferred its 30.
77% stake in Bora Chemical to Bora Group, with a transaction amount of 2,068,066,100 yuan.
.
The transaction price represents a premium of RMB 79.
7414 million over the book value
.
Jinzhou Port said that Baolai Chemical intends to further expand the scale of investment in a joint venture with a foreign party, and has put forward higher additional investment requirements for existing shareholders, and the project production date has been delayed.
The outlook creates great uncertainty
.
