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