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(RTTNews) - LyondellBasell Industries N.V. (LYB) Thursday announced the closing of its acquisition of 35 percent interest in Saudi Arabia-based National Petrochemical Industrial Co. or NATPET from Alujain Corp.

The investment is expected to upgrade LYB's core businesses and strengthen its presence in Saudi Arabia through a new long-term partnership.

The joint venture is enabled by LYB Spheripol polypropylene technology and positions LYB to profitably expand its core PP business by gaining access to advantaged feedstocks and additional product marketing volumes.

National Petrochemical currently has approximately 400,000 tons of annual polypropylene production capacity. LYB will market the majority of the volume of the joint venture's production through its global network.

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