LyondellBasell Delays Departure from Refining Business, Announces

HOUSTON: LyondellBasell revealed plans to push back the time when it will leave the refining sector, from the end of 2023 to no later than the first quarter of 2025. The company has the confidence to maintain safe and dependable operations at the Houston location thanks to favourable inspections and consistent performance. Although LyondellBasell is still committed to shutting down its oil refining business, it expects to spend just a little amount on maintenance to sustain this prolongation in 2023 and 2024. Future plans for the site will be reviewed by the company, which has opted to postpone the refining business shutdown. This postponement will minimize any negative repercussions for the workers and enable a smoother shift towards implementing circular and retrofitting initiatives.

Building a successful Circular and Low Carbon Solutions business is one of the three pillars of the company's new strategy. Supporting its tactics, LyondellBasell is creating a long-term plan for the Houston refinery site. CEO Peter Vanacker has stated that the company's goal of providing sustainable living solutions is in harmony with its intentions to modify the site for future development, starting in 2025. LyondellBasell is thrilled to have multiple projects in the works. The company is studying several potential solutions, including green and blue Hydrogen, recycled and renewable feedstocks, and more. The growth projects that are currently under construction will take advantage of the current infrastructure present at the refining site, which includes hydrotreaters, pipes, tanks, utilities, buildings, and laboratories, as well as resources already available in the Houston region. In time, the 700-acre refinery facility will become part of LyondellBasell's Circular and Low Carbon Solutions division's Houston regional hub, supporting the expansion of the firm's Circulen product line.

A pioneer in the worldwide chemical sector, LyondellBasell develops practical sustainable living solutions. Enabling a circular and low Carbon economy through cutting edge technologies and targeted investments. Strive to create value for our clients, investors, and society overall. One of the largest producers of polymers in the world and a leader in Polyolefin technologies. The world's leading producer of polymer compounds and the largest licensor of Polyolefin technologies, LyondellBasell exports its goods to more than 100 nations. In the production of fundamental chemicals including ethylene, propylene, propylene oxide, ethylene oxide, tertiary butyl alcohol, methanol, acetic acid, and its derivatives, LyondellBasell is the market leader. The chemicals we create serve as the foundation for a wide range of commodities that improve modern living, such as fuels, automotive fluids, furniture, home goods, coatings, adhesives, cleansers, cosmetics, and personal care items. Sustainable and modern living are all being advanced by the materials and technology.