LyondellBasell Considers Strategic Options for European Assets

LyondellBasell, a global leader in the chemical industry, has announced the initiation of a strategic review of its European assets in the Olefins & Polyolefins and Intermediates & Derivatives business units. This assessment aligns with the company’s strategic goals of focusing on core businesses with competitive advantages, building a profitable circular and low carbon solutions business, and enhancing overall performance and culture.

Peter Vanacker, the CEO of LyondellBasell, emphasized the company’s commitment to concentrating its portfolio around areas that generate superior returns at a significant scale. The company will continue its investments in innovative technologies like the MoReTec plant, which converts plastic waste into liquid raw materials, and the development of a circularity hub in Cologne, Germany.

Vanacker also highlighted the company’s dedication to aligning its operations with circularity and net zero ambitions. Despite the strategic review potentially creating uncertainty for employees and customers, LyondellBasell remains steadfast in its commitment to operating its assets safely and reliably throughout the process.

The company’s focus on sustainability and innovation underscores its position as a key player in the global chemical industry. By unlocking value for customers, investors, and society, LyondellBasell aims to contribute to a circular and low carbon economy.

For media inquiries, LyondellBasell has provided contact information for its Media Relations and External Affairs Europe departments. The company’s forward-looking statement emphasizes the potential risks and uncertainties associated with strategic decisions and market conditions.

Overall, LyondellBasell’s strategic review of its European assets reflects its proactive approach to optimizing its portfolio and driving sustainable growth in the chemical industry.