Houston, May 31, 2023 /PRNewswire/ — LyondellBasell (NYSE: LYB) announced today that it plans to delay its liquidation from the end of the first quarter of 2023 until the end of 2025. Good inspections and consistent performance have given the company the confidence to continue safely. and reliable operations by Houston Site. LyondellBasell expects modest maintenance costs to support this extension in 2023 and 2024, but is committed to divesting its oil refining business. While the company continues to develop future options for the site, the extension will minimize workforce impacts and allow for a smooth transition between the closure and reconstruction 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. Houston Check point.
“Our plans to transform the space for future growth from 2025 are in line with our aim to create solutions for everyday sustainable living,” he said. Peter Vanaker, CEO of LyondellBasell. “It’s exciting to have a collection of future projects in the early stages of development.”
Several options are being evaluated, including recycled and renewable-based feedstocks and green and blue hydrogen. The development projects under construction will connect with the existing properties in the Houston Environment and existing infrastructure at the screening site, including hydrators, pipelines, tanks, utilities, buildings, and laboratories. In the future, LyondellBasell expects the 700-acre refinery to become part of a single entity. Houston A regional center for circular and low-carbon solutions supports the business and growth of LyondellBasell They distribute. Product portfolio.
We are LyondellBasell – a leader in the global chemical industry creating solutions for everyday sustainable living. We are enabling a circular and low carbon economy through advanced technology and targeted investments. In everything 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 offer high-quality, innovative products 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.
The statements in this statement relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based on estimates by LyondellBasell management that were believed to be reasonable at the time they were made and are subject to significant risks and uncertainties. Actual results could differ materially, including, but not limited to, the successful shutdown of the Houston refinery and the timing of expected shutdowns. our ability to achieve our sustainability goals, including our ability to safely process, recycle and renewable-based polymers to meet our goals and projections; successfully construct and operate the facilities described in this release; and our ability to build a profitable circular and low carbon solutions business. Additional factors that could cause results to differ materially from those expressed in forward-looking statements are available in the Section 10-K on Form 10-K for the year ended December 31, 2022 at www. LyondellBasell.com on its Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov.