HOUSTON, May 31, 2023
/PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced plans to
delay its refining business exit from year-end 2023 to no later
than the end of the first quarter 2025. Favorable inspections and
consistent performance have given the company confidence to
continue safe and reliable operations at the Houston site. LyondellBasell anticipates
moderate maintenance spend to support this extension in 2023 and
2024 but remains committed to ceasing operation of its oil refining
business. The extension will minimize workforce impacts as the
company continues to develop future options for the site and will
enable a smoother transition between the shutdown and the
implementation of the retrofitting and circular projects.
One of the three pillars of the company's new strategy is to
build a profitable Circular and Low Carbon Solutions business. In
support of this strategy, LyondellBasell is developing future plans
for the Houston refining site.
"Our plans to transform the site for future growth beginning in
2025 are aligned with our purpose of creating solutions for
everyday sustainable living," said Peter
Vanacker, LyondellBasell CEO. "It is exciting to have a
suite of future projects in the early stages of development."
Multiple options are being evaluated including recycled and
renewable-based feedstocks and green and blue hydrogen. The growth
projects under development would connect to existing assets in the
Houston area and use existing
infrastructure on the refining site including hydrotreaters,
pipelines, tanks, utilities, buildings, and laboratories. In the
future, LyondellBasell expects the 700-acre refining site will be
part of a Houston regional hub for
its Circular and Low Carbon Solutions business and support the
growth of the LyondellBasell Circulen product portfolio.
About LyondellBasell
We are LyondellBasell – 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.
Forward-Looking Statements
The statements in this release relating to matters that are not
historical facts are forward-looking statements. These
forward-looking statements are based upon assumptions of management
of LyondellBasell which are believed to be reasonable at the time
made and are subject to significant risks and uncertainties. Actual
results could differ materially based on factors including, but not
limited to, the successful shut down and closure of the Houston
Refinery, including within the expected timeframe; our ability to
meet our sustainability goals, including the ability to operate
safely, increase production of recycled and renewable-based
polymers to meet our targets and forecasts; the successful
construction and operation of the facilities described in this
release; and our ability to build a profitable Circular & Low
Carbon Solutions business. 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, 2022,
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.
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SOURCE LyondellBasell