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Russian creates world’s third-largest chemical company

Chemical company Basell, owned by Russian businessman Leonid Blavatnik, and America's Lyondell Chemical, have completed their merger, forming Lyondell Basell Industries.

Leonid Blavatnik’s Basell paid approximately $US 20 billion for Lyondell's shares, including debt.

Lyondell Basell Industries will be the third largest independent chemical company in the world, with sales revenue in the area of $US 43 billion.

The company currently owns 60 manufacturing facilities on five continents.