SHENYANG, March 6 (Xinhua) -- LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, has invested in the construction of a large petrochemical industry base in northeast China with a Chinese company.
The chemical giant signed an agreement with the Liaoning Bora Enterprise Group through the Internet on Friday. The two companies will invest 12 billion U.S. dollars over the next 10 years to build a petrochemical industry base in the city of Panjin, northeast China's Liaoning Province.
The partnership will make the city a world-class production base of chemicals and drive the development of industrial chains including plastic packaging and building materials.
Executives from both companies witnessed the online signing ceremony in six cities worldwide including Shenyang, Shanghai, Hong Kong, Houston in the United States and Rotterdam in the Netherlands.
The two companies first signed a memorandum of understanding and announced their investment plan in September 2019.
