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Saudi Firm to Buy Lyondell Unit for $1.2 Billion - ASHARQ AL-AWSAT English Archive
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RIYADH (Reuters) – Saudi Arabia’s National Industrialisation Co. said on Monday an affiliate had agreed to buy the titanium dioxide business of U.S.-based Lyondell Chemical Co. for $1.2 billion.

The operations consist of eight factories in Europe, Australia and the Americas, National Industrialisation said in a statement on Saudi stock market Web site.

National Industrialisation owns 66 percent of Cristal, the company making the purchase, it said.

Lyondell said last month it was proceeding with sale of its inorganic titanium dioxide chemicals business and had narrowed the list of possible buyers.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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