Category: PRESS RELEASES

Award marks important milestone in feasibility study of Saudi-based world-scale steam cracker and derivatives

AL KHOBAR, Kingdom of Saudi Arabia and HOUSTON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Sipchem and LyondellBasell (LYB) have been awarded a feedstock allocation from the Ministry of Energy of Saudi Arabia supporting a joint feasibility study for a world-scale mixed feed cracker complex combined with a diversified derivative portfolio. Sipchem and LYB will assess the viability and optimal structure for the project, which will be advanced on a 60% (Sipchem) | 40% (LYB) ownership basis. The allocation lays the foundation for both parties to define the technical, financial and commercial configuration for the project. Construction of the joint project would result in the manufacturing of petrochemical products and derivatives to serve customers both within the Kingdom of Saudi Arabia and global export markets while creating several thousand local job opportunities.

With cost-advantaged feedstocks, world-scale assets, leading technologies, and proximity to key international markets, the joint project has the potential to create lasting value. The project will benefit from LYB’s technologies to produce differentiated grades of polyethylene and polypropylene, including the Catalloy product line of elastomeric polyolefins.

Sipchem and LYB will jointly explore carbon management solutions including the use of low emission technologies, in support of the parties’ and the Kingdom’s net zero ambitions.

“Our partnership with LyondellBasell marks an important milestone in our pursuit of ambitious goals for sustainable growth and the strengthening of our position within the petrochemical market locally and globally,” said Abdullah Al-Saadoon, Sipchem chief executive officer. “Through this collaboration, we will leverage the latest cutting-edge, energy-efficient technologies, significantly contributing to our environmental objectives and enhancing the sustainability of our operations. We extend our gratitude to the Ministry of Energy for its unwavering support of the petrochemical industry, which has been instrumental in enabling us to achieve our shared goals. We are enthusiastic about advancing this project and are committed to delivering high-quality products that will drive the development of the industrial sector in the Kingdom of Saudi Arabia.”

“This feedstock allocation is a vital step in our collaboration with Sipchem,” said Peter Vanacker, LyondellBasell chief executive officer. “As we move forward with our joint study, with a long-term partnership in mind, we further strengthen our commitment to Saudi Arabia. Thank you to the Ministry of Energy for their support and collaboration as we build on our successful partnership. We look forward to being a larger part of the Kingdom’s thriving economy, which continues to grow and provide numerous opportunities for development and innovation.”

About LyondellBasell

We are LyondellBasell (NYSE: LYB) ― a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn.

About Sipchem

Sipchem, officially known as Sahara International Petrochemical Company (TASI: SIPCHEM) ― a Saudi-based leading innovator in the petrochemical sector, founded in 1999. The company provides high-quality chemical and polymer products that serve diverse industries, including construction, automotive, electronics, and packaging. With a strong focus on sustainability, Sipchem integrates energy efficiency, waste reduction, and advanced technologies into its operations to support a circular economy and minimize its environmental impact. Through continuous investment in research and development, Sipchem delivers innovative solutions that address evolving global needs and contribute to long-term growth. For more information, please visit www.Sipchem.com or follow @SipchemGlobal on LinkedIn.

Cautionary Note Regarding Forward-looking Statements

The statements in this release relating to matters that are not historical facts are forward-looking statements. Actual results could differ materially based on factors including, but not limited to, our ability to meet the requirements of the allocation award; the results of the feasibility study described in this release; future investment decisions and the successful development, construction and operation of the proposed facilities described in this release; our ability to implement our strategy and successfully align our asset base with that strategy; and general economic conditions in the Kingdom of Saudi Arabia and globally. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2023, 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.

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OXIO’s Telecom-as-a-Service Platform integrates Mavenir Packet Core, IMS and Messaging solutions on Amazon Web Services for enhanced agility

RICHARDSON, Texas, Feb. 26, 2025 (GLOBE NEWSWIRE) — Mavenir, the cloud-native network infrastructure provider building the future of networks, today announced that it has been selected by OXIO, a leading Telecom-as-a-Service (TaaS) company, for Packet Core, IMS and next generation messaging solutions to support borderless MVNOs and embedded connectivity use cases on a global scale.

Mavenir has deployed a packet core that enables 4G and 5G user connectivity with an open, cloud-native, container-based solution, accompanied by Mavenir’s messaging platforms enabling revenue growth from valuable A2P and B2C segments. Mavenir’s MAVcore® functions are implemented as microservices running in containers, using open APIs to integrate with 3rd party platforms and observability frameworks. This allows network operators to roll-out services faster, increase efficiency, and reduce downtime.

OXIO’s cloud-native, programmable TaaS platform helps businesses to build and launch mobile services quickly and without limitations. Mavenir will help OXIO customers deliver and monetize a full suite of connectivity and messaging services.

This is Mavenir’s first deal with OXIO and signals the intention to expand into further markets across the Americas with the mission to deploy worldwide. Mavenir’s products are deployed over the Amazon Web Services (AWS), Cloud enabling OXIO for flexible, fast and cost-efficient multi-countries deployment.

Adil Belihomji, Chief Technology Officer at OXIO, added: “We are a cloud-native platform, and we share that approach with Mavenir. The quality and flexibility of their services across Packet Core, IMS and Messaging will ensure a best-in-class experience for our customers as they launch new telecom services worldwide.”

Antonio Correa, Senior RVP Southern Europe, Caribbean & Latin America at Mavenir, said: “OXIO is a true innovator, and a driver of real change in the telecom industry. This first deal with OXIO will demonstrate the value that we can bring to their offering – and our cloud-native approach enables Mavenir solutions to be replicated in any geographies with rapid go-to-market times.”

About Mavenir
Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com

Meet Mavenir at Mobile World Congress 2024, Barcelona, Mar 3-6, 2025.
To explore Mavenir’s latest innovations and learn more about how Mavenir is delivering the Future of Networks – Today, visit us in Hall 2 (Stand 2H60) at #MWC25.

About OXIO
OXIO is building the global network of the future as the first telecom-as-a-service (TaaS) platform, founded Our technology-first approach to telecom unlocks innovation and possibility while delivering actionable insights for customer-obsessed companies competing in a data-driven world. OXIO is headquartered in New York with offices in Mexico City and Montreal. For more information, visit oxio.com. To learn more about current openings, visit oxio.com/careers/.

Mavenir PR Contact:
Emmanuela Spiteri
[email protected]

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