LyondellBasell, a chemical company, completed the acquisition of a 50% stake in the US chemicals business of Sasol, an integrated energy and chemical company for $2bn. The agreement includes a definitive agreement to form a 50/50 joint venture. The JV will operate under the name Louisiana Integrated PolyEthylene JV. Under the terms of the transaction agreements, each JV partner will provide pro-rata shares of ethane feedstocks and will offtake pro-rata shares of cracker and polyethylene products at cost. LyondellBasell will operate the US Base Chemicals assets on behalf of the JV. “This investment represents a unique opportunity to bring together the best of both companies and create deep, long-term value while immediately realizing the many benefits of new, strategically-located, world-scale assets. This approach is consistent with our strategy of investing in high quality assets that meet our threshold for value creation, while also maintaining our investment grade rating and commitment to our dividend. The transaction is expected to be accretive to both cash flow and EPS within one year with significant upside as market conditions continue to improve," Bob Patel, LyondellBasell CEO.