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Chem皇冠体育app to bid for LyondellBasell plastic plants
(Shanghai Daily)
Updated: 2009-03-24 09:22
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State-owned 皇冠体育app National Chemical Corp (Chem皇冠体育app) is considering buying polypropylene plants belonging to LyondellBasell, the South 皇冠体育app Morning Post reported yesterday.
The bankrupt European chemical titan plans to sell at least one of its two polypropylene plants in Australia. LyondellBasell's polypropylene plant in Geelong, Victoria and its polypropylene facility in Clyde, New South Wales are the only polypropylene facilities in the country.
Chem皇冠体育app's potential acquisition would be in line with the national strategy of buying overseas assets amid the global economic slowdown.
Previously, Chem皇冠体育app bid for similar assets being sold by U.S. chemical maker Chemtura Corp, but withdrew from the bidding when the price reached US$1 billion.
Last September, LyondellBasell sold French assets for US$113 million
