Sasol Ltd And LyondellBasell Form Integrated Polyethylene Joint Venture Call Transcript
A very warm welcome to all joining this call today. With me here today also, I have our CFO, Paul Victor; and Brad Griffith, Executive Vice President, Chemicals business. By now, I'm sure you would have read and had a chance to go through this morning's announcement relating to our proposed U.S.-based Chemicals business joint venture with LyondellBasell. This is a really important step for us, both strategically and financially. Financially, the USD 2 billion of upfront proceeds that we will receive are a meaningful set, bringing leverage down. We will be a 50% joint venture partner going forward, and so we will also participate equally in the upside in the event that macro conditions recover.
More than this, however, this is also a very positive strategic step. The transaction contributes to shifting the profile of the Chemicals business away from commodity to Specialty Chemicals. This is aligned with our strategy and consistent with our objective for the future Sasol business that will assist in improving
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