HOUSTON and LONDON, Sept. 24,
2014 /PRNewswire/ -- LyondellBasell (NYSE: LYB)
announced today that it is evaluating a further expansion project
at its petrochemical plant in Channelview, Texas, that would potentially add
up to 550 million pounds-per-year of ethylene capacity.
Preliminary engineering work is already underway to assess
expansion feasibility. If the project proceeds, the
anticipated time frame for completion would be 2017.
The proposed expansion project would be in addition to work
already underway to install two large cracking furnaces at the
Channelview site that are slated
to increase production by 250 million pounds-per- year when
construction work is expected to be completed early next year.
In addition to expansion at Channelview, LyondellBasell is increasing
ethylene capacity at two other Texas plants. An 800 million
pounds-per-year expansion has just been completed in La Porte. And an additional 800 million pounds
of capacity are being added at the Company's site in Corpus Christi, which is scheduled for
completion in late 2015. When all three are completed, a
total of 1.85 billion pounds of ethylene capacity are expected each
year. This figure will increase to 2.4 billion if the
additional expansion project is finalized.
"Our strategy continues to be the cost-effective expansion of
existing facilities to take swift advantage of abundant supplies of
low cost natural gas and ethane from shale production," said
Tim Roberts, Executive Vice
President, Olefins & Polyolefins, Americas. "The
additional ethylene capacity we are already adding at our three
Texas plants through existing
expansion projects is the equivalent of constructing a new
stand-alone cracking unit."
Ethylene and related products produced by LyondellBasell are
used to manufacture numerous materials that are essential to
consumer durable products, flexible packaging, and automotive
applications. LyondellBasell is currently the fifth largest
producer of ethylene globally.
This press release contains forward-looking statements.
Forward-looking statements relate to future events, and are
identified by words like "may," "intend," "believe," "expect,"
"anticipate," "estimate," "should," "could," "will," "would" and
other words of a similar nature. These forward-looking
statements include, without limitation, the timing and increased
capacity of any of LyondellBasell's planned expansions.
These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are
difficult to predict. These forward-looking statements are
based on LyondellBasell's current expectations and beliefs
concerning future developments and their potential effect on
LyondellBasell. While LyondellBasell believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting
LyondellBasell will be those currently anticipated. All subsequent
written and oral forward-looking statements concerning the further
expansion at the Channelview site
are expressly qualified in their entirety by the cautionary
statements above. LyondellBasell undertakes no obligation to
publicly update or revise any forward-looking statements after the
date they are made, whether as a result of new information, future
events or otherwise.
LyondellBasell (NYSE: LYB) is one of the world's largest
plastics, chemical and refining companies. The company manufactures
products at 55 sites in 18 countries. LyondellBasell products and
technologies are used to make items that improve the quality of
life for people around the world including packaging, electronics,
automotive parts, home furnishings, construction materials and
biofuels. More information about LyondellBasell can be found at
www.lyb.com.
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SOURCE LyondellBasell