LyondellBasell Industries, a chemical and plastics manufacturing firm, and oil refiner Liaoning Bora Enterprise Group, agreed to form Bora LyondellBasell Petrochemical, a $2.6bn joint venture to produce petrochemicals in northeast China’s Liaoning province. The joint venture will operate a 1.1m tonnes per year ethylene cracker and polyolefin derivatives complex in the coastal city of Panjin. "China is a large market with growing demand for high quality polyolefin products. The combination of LyondellBasell's leading technology and Bora's operational excellence will allow us to reliably produce and provide these needed products to local customers," Bob Patel, LyondellBasell CEO.