HOUSTON and LONDON, Nov. 19,
2015 /PRNewswire/ -- LyondellBasell (NYSE: LYB), one of the
world's largest plastics, chemical and refining
companies, today announced that it is advancing plans to build
the world's largest propylene oxide (PO) and tertiary butyl
alcohol (TBA) plant in the Houston
area. This project, considered to be the largest of its kind,
is expected to create up to 2,500 construction jobs and
approximately 100 permanent positions.
"We are moving forward in a deliberate fashion to develop what
could become the single largest capital investment in
LyondellBasell's history," said Chief Executive Officer
Bob Patel. "We continue to
believe that the combination of low-cost natural gas liquids
available on the U.S. Gulf Coast, along with our leading
proprietary PO/TBA technology, will allow this proposed project to
capture maximum advantage of market opportunities."
The Company will soon begin front-end engineering design work
and file environmental permit applications. This phase will
also include funding to order long lead-time equipment.
A final investment decision is expected to be made following
completion of the engineering design work.
The Company's complex located in Channelview, Texas was selected as the site
for the PO/TBA unit. The Bayport Choate site near
Pasadena was selected for an
ethers unit which will produce oxy-fuels for high octane gasoline.
A split facility design between the Channelview and Bayport sites will optimize
the product balances between the sites and create additional
synergies.
This project is part of LyondellBasell's previously announced
$3 - $4 billion expansion effort that
will take place on the U.S. Gulf Coast over the next five
years. LyondellBasell has already completed work on ethylene
expansion projects at the Company's La
Porte and Channelview sites
in Texas. A third ethylene expansion project is currently
underway in Corpus Christi.
LyondellBasell first announced the PO/TBA project in August of
2014. Annual production capacities are anticipated to be one
billion pounds of propylene oxide and two billion pounds of
tertiary butyl alcohol.
The plant will sell PO in the global marketplace to meet growing
demand for polyurethanes, which are used primarily for the
manufacture of bedding, furniture, carpets and car seats. TBA and
its derivatives, which include oxy-fuels, will be sold to meet the
need for high octane gasoline blending components as well as for
use in manufacturing synthetic rubber and lubricant
additives.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one of the world's largest plastics,
chemical and refining companies. The company manufactures
products at 56 sites in 19 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.
Forward-Looking Statements
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 based on factors including, but are not
limited to, the business cyclicality of the chemical, polymers and
refining industries; the availability, cost and price volatility of
raw materials and utilities, particularly the cost of oil, natural
gas, and associated natural gas liquids; labor conditions;
operating interruptions (including leaks, explosions, fires,
weather-related incidents, mechanical failure, unscheduled
downtime, supplier disruptions, labor shortages, strikes, work
stoppages or other labor difficulties, transportation
interruptions, spills and releases and other environmental risks);
supply/demand balances for PO, TBA, or other products; industry
production capacities and operating rates; uncertainties associated
with worldwide economies; legal, tax and environmental proceedings;
our ability to successfully execute projects and growth strategies;
current and potential governmental regulatory actions; terrorist
acts; international political unrest; technological developments;
the ability to comply with the terms of our credit facilities and
other financing arrangements; our ability to obtain all necessary
regulatory approvals and to successfully construct and operate the
proposed facilities described in this release; and other factors
affecting our business generally as set forth in the "Risk Factors"
section of our Form 10-K for the year ended December 31, 2014, which can be found at
www.lyb.com on the Investor Relations page and on the Securities
and Exchange Commission's website at www.sec.gov.
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SOURCE LyondellBasell