HOUSTON, June 1, 2023
/PRNewswire/ -- LyondellBasell (NYSE: LYB) today announced it
has signed a memorandum of understanding (MOU) with Technip
Energies and Chevron Phillips Chemical to potentially design,
construct and operate a demonstration unit using Technip Energies'
electric steam cracking furnace technology (eFurnace by T.EN™). A
joint development agreement is expected to be signed later this
year.
This new eFurnace technology could enable the company
to use renewable electricity as a heat source for the olefins
cracking process in the future, significantly reducing the
greenhouse gas (GHG) footprint of its olefins production process,
and helping the company meet its ambitious climate targets.
"We are taking decisive steps to reduce our absolute scope 1 and
2 greenhouse gas emissions, while creating solutions for everyday
sustainable living," said Peter
Vanacker, CEO of LyondellBasell. "Deployment of an
industrial-scale electric cracking furnace is one option we are
considering in this space because of its ability to reduce furnace
GHG emissions by up to 90% compared to a conventional furnace."
Construction of the demonstration unit, which would be the first
for LyondellBasell, is an essential step in the development of
eFurnace technology and a critical pre-condition for potential
future construction of a full-scale unit. It will enable the
company to test the technology and confirm continuous olefin
production is possible using electricity as a heat source.
"We are delighted to team up with LyondellBasell and CPChem to
bring the eFurnace by T.EN™ to fruition," said Arnaud Pieton, CEO of Technip Energies.
"Consistent with our purpose to engineer a much-needed sustainable
future, Technip Energies is making huge strides toward reducing the
CO2 emissions resulting from the production of ethylene
and this design will enable olefins producers to take advantage of
the growing supply of available renewable energy to operate the
most energy-intensive part of the plant."
The LyondellBasell Channelview site offers an optimal
environment for the demonstration unit due to its operational
excellence, feedstock flexibility and electric
grid infrastructure, proximity to the other MOU parties and
access to expertise at the company's Houston Technology Center. The
three parties plan to assemble a joint development team to support
implementation of the project.
"Climate change is a global issue that will take action from all
segments of society, and we want to be part of the solution by
reducing the intensity of our carbon footprint," said
Bruce Chinn, President and CEO of
Chevron Phillips Chemical. "This project supports our efforts
toward lowering the carbon intensity of our operations and
demonstrates our continued focus on accelerating change for a
sustainable future."
LyondellBasell is committed to reaching net zero scope 1 and
scope 2 greenhouse gas (GHG) emissions by 2050 and has set
ambitious interim targets to reduce scope 1 and 2 GHG emissions
42%, and scope 3 GHG emissions 30% by 2030, relative to a 2020
baseline. To reach these targets, the company is deploying
emissions reduction initiatives at its sites. The company has
also announced plans to develop an integrated hub in Houston to support the growth of its circular
and low carbon solutions business, which will leverage existing
capabilities at its sites in Houston, such as Channelview.
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 Statement for LyondellBasell
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
which are believed to be reasonable at the time made and are
subject to significant risks and uncertainties. Actual results
could differ materially from the projections, anticipated results,
or other expectations expressed in this release, including, but not
limited to, our ability to complete the transaction described or
the timing of such transaction; the successful construction and
operation of the facilities described in this release; our ability
to obtain all necessary regulatory approvals; our ability to meet
our sustainability goals, including our ability to reduce our
emissions and achieve net zero emissions by the time set in our
goals; and general economic conditions in geographic regions or
markets served by LyondellBasell and its affiliates, or where
operations of the company and its affiliates are located. While
these statements and projections are made in good faith,
LyondellBasell and its management cannot guarantee that anticipated
future results will be achieved. 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.
LyondellBasell assumes no obligation to publicly update or revise
any forward-looking statements made herein or any other
forward-looking statements made, whether as a result of new
information, future events, or otherwise.
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SOURCE LyondellBasell