HOOFDDORP, THE NETHERLANDS - Basell NV, the world's top polypropylene producer, is pulling out of a project to build a world-class olefins/polyolefins complex in India because it has failed to find equity partners.
Basell had inherited the proposed joint venture in Thane, India, from Shell Chemical Co. when Basell was formed last year. The Hoofddorp-based company said deteriorating local and global market conditions made prospects for the venture less profitable.
``Against this backdrop, Basell conducted discussions with a wide range of prospective equity partners. However, despite intensive efforts that continued to early June, Basell has been unable to secure additional international partners to join Basell in funding the project equity,'' the company announced in a news release.
