PR86984

HOUSTON, JOHANNESBURG, Dec. 2, 2020 /PRNewswire=KYODO JBN/ --

LyondellBasell (NYSE: LYB), one of the largest plastics, chemicals and refining

companies in the world, and Sasol (JSE: SOL, NYSE: SSL), a global integrated

chemicals and energy company, today announced the closing of their

Louisiana-based Integrated Polyethylene Joint Venture (JV) transaction

following required regulatory and shareholder approvals. The 50/50 JV includes

a 1.5 MM ton ethane cracker, 0.9 MM ton low-density and linear-low density

polyethylene plants, and associated infrastructure near Lake Charles, La, and

will toll manufacture the products on behalf of the two shareholders.

Under the terms of the transaction agreements, LyondellBasell will operate the

three assets on behalf of the JV and market the polyethylene products on behalf

of the two shareholders of the JV. Approximately 400 Sasol Lake Charles

employees who directly support the JV assets are now employees of LyondellBasell.

"The formation of this JV is part of our approach to growing our core

businesses while positioning the company to benefit from improving economic

conditions," said Bob Patel, CEO of LyondellBasell. "We believe our ability to

operate efficiently and serve growing markets will create exceptional long-term

value for our shareholders of both companies. We welcome our new JV employees

to the LyondellBasell family."

"This transaction accelerates the transformation of our chemicals business

toward a focus on specialty chemicals," said Fleetwood Grobler, Sasol President

and Chief Executive Officer. "We're proud of the world-scale assets we've built

in Southwest Louisiana and look forward to working with LyondellBasell to

realize their full potential and create value for all our stakeholders. We also

extend our best wishes and gratitude to our colleagues who are transferring to

LyondellBasell to operate the joint venture assets."

The formation of this JV with Sasol aligns with LyondellBasell's strategy of

investing in high-quality assets in growing markets or feedstock advantaged

regions. In September 2020, LyondellBasell established a 50/50 JV with China's

Liaoning Bora Enterprise Group to start up and operate a new, large

petrochemical complex in northeast China. Taken together, the Bora and Sasol

JVs are equivalent to the full capacity and immediate financial benefits of a

new and operational world-scale integrated cracker complex.

This transaction is a significant step for Sasol in achieving its financial and

strategic objectives toward creating Future Sasol, which will be a more

sustainable and resilient business for the long-term.

Issued by:

Sasol Media Relations

In South Africa:

Matebello Motloung, Manager: Group Media Relations

Direct telephone: +27 (0) 10 344 9256; Mobile: +27 (0) 82 773 9457

matebello.motloung@sasol.com  

Alex Anderson, Senior Manager: Group External Communication

Direct telephone: +27 (0) 10 344 6509; Mobile: +27 (0) 71 600 9605;

alex.anderson@sasol.com

In the U.S.:

Kim Cusimano, Americas Corporate Affairs

Direct telephone: +1 (225) 776 0758

kim.cusimano@us.sasol.com

LyondellBasell Media Relations

Phone: +1 713 309 7575

Email: mediarelations@lyb.com

About LyondellBasell

LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and

refining companies in the world. Driven by its employees around the globe,

LyondellBasell produces materials and products that are key to advancing

solutions to modern challenges like enhancing food safety through lightweight

and flexible packaging, protecting the purity of water supplies through

stronger and more versatile pipes, improving the safety, comfort and fuel

efficiency of many of the cars and trucks on the road, and ensuring the safe

and effective functionality in electronics and appliances. LyondellBasell sells

products into more than 100 countries and is the world's largest producer of

polymer compounds and the largest licensor of polyolefin technologies. In 2020,

LyondellBasell was named for the third consecutive year to Fortune magazine's

list of the "World's Most Admired Companies." More information about

LyondellBasell can be found at www.LyondellBasell.com.

About Sasol

Sasol is a global integrated chemicals and energy company spanning 30

countries. Through our talented people, we use selected technologies to safely

and sustainably source, manufacture and market chemical and energy products

globally. More information about Sasol can be found at www.Sasol.com.

Cautionary Note Regarding Forward-looking Statements for LyondellBasell

The statements in this release relating to matters that are not historical

facts are forward-looking statements. These forward-looking statements are

based upon assumptions of management of LyondellBasell which are believed to be

reasonable at the time made and are subject to significant risks and

uncertainties. Actual results could differ materially based on factors

including, but not limited to, market conditions, the business cyclicality of

the chemical, polymers and refining industries; the availability, cost and

price volatility of raw materials and utilities, particularly the cost of oil,

natural gas, and associated natural gas liquids; our ability to achieve

expected synergies from the Louisiana and Bora joint ventures; the completion

of the acquisition of joint venture assets in the future and ability to

recognize the anticipated benefits thereof; uncertainties related to the extent

and duration of the pandemic-related decline in demand, or other impacts due to

the COVID-19 pandemic in geographic regions or markets served by us, or where

our operations are located, including the risk of prolonged recession; future

financial and operating results; risks and uncertainties posed by international

operations, including foreign currency fluctuations; and our ability to comply

with debt covenants and to amend, extend, repay, service, and reduce our debt.

Additional factors that could cause results to differ materially from those

described in the forward-looking statements can be found in the “Risk Factors”

sections of our Form 10-K for the year ended December 31, 2019, and our Forms

10-Q for the quarters ended March 31, 2020, and September 30, 2020, which can

be found at www.LyondellBasell.com on the Investor Relations page and on the

Securities and Exchange Commission’s website at www.sec.gov. There is no

assurance that any of the actions, events or results of the forward-looking

statements will occur, or if any of them do, what impact they will have on our

results of operations or financial condition. Forward-looking statements speak

only as of the date they were made and are based on the estimates and opinions

of management of LyondellBasell at the time the statements are made.

LyondellBasell does not assume any obligation to update forward-looking

statements should circumstances or management’s estimates or opinions change,

except as required by law.

SOURCE: LyondellBasell; Sasol Limited