LyondellBasell to review European petchem business units
Chemical firm LyondellBasell has announced the formal launch of a strategic review of the European assets of its olefins & polyolefins and intermediates & derivatives business units. The assessment will evaluate the assets through the lens of the company's strategy. The company is Europe’s fifth-largest ethylene producer, with capacity of 1.9 million tonnes/year, and largest PE producer, with capacity of 2.1 million tonnes/year. The firm did not indicate a timeline for the assets review.
"At the 2023 Capital Markets Day, we stated our intent to concentrate our portfolio around businesses with long-lasting competitive advantage and to reinvest around those advantaged areas generating superior returns at meaningful scale," said Peter Vanacker, LyondellBasell chief executive officer. "These criteria have not changed."
The company's investments in a commercial-scale MoReTec plant, LyondellBasell's proprietary technology to convert plastic waste into liquid raw materials, and the development of a circularity hub in the Cologne, Germany, will continue as planned.
LyondellBasell said it will also continue to invest and leverage its differential technology position as a key enabler to grow and upgrade the core asset base.
"The company will prioritise its investments to align operations with our circularity and net zero ambitions," Vanacker added. "We understand that strategic assessments can create uncertainty for our employees and customers, but we are committed to operate our assets safely and reliably throughout this process."
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