HOUSTON, and LONDON, Jan. 19,
2017 /PRNewswire/ -- LyondellBasell (NYSE: LYB), one of
the world's largest plastics, chemical and refining companies,
today announced completion of the 800 million pounds-per-year
ethylene expansion project at the company's Corpus Christi, Texas, site. The project
increases ethylene capacity at the facility by 50 percent, from 1.7
billion pounds-per-year to 2.5 billion pounds-per-year, and
completes the company's multi-year plan to increase annual ethylene
capacity in the U.S. by two billion pounds.
"As we look to meet growing, global demand for our products, we
continue to seek the right opportunities that ensure we are well
positioned for the longer term," said Bob
Patel, LyondellBasell CEO and chairman of the management
board. "By expanding ethylene capacity in the U.S. through
debottlenecks rather than long and costly greenfield developments,
we quickly added substantial capacity for significantly less than
the cost of a new plant," he added.
Completion of the Corpus
Christi expansion is another milestone in the company's
organic profit-generating growth strategy. To date, the company has
completed the following expansion projects at its manufacturing
sites globally:
120 million pounds-per-year
combined ethylene/polyethylene increase – Clinton, Iowa and Morris, Ill.
155 million pounds-per-year
butadiene increase – Wesseling, Germany
250 million gallons-per-year
methanol increase – Channelview,
Texas
800 million pounds-per-year
ethylene increase – La Porte,
Texas
220 million pounds-per-year
polyethylene increase – Matagorda,
Texas
250 million pounds-per-year
ethylene increase – Channelview,
Texas
800 million pounds-per-year
ethylene increase – Corpus Christi,
Texas
Since 2012, LyondellBasell has invested approximately
$2 billion in U.S. Gulf Coast
expansion projects and plans to invest an additional $3 billion in the region. In September, the
company announced the construction of a high density polyethylene
plant (HDPE) in La Porte that will
be the first to utilize LyondellBasell's new proprietary Hyperzone
PE technology. HDPE is one of the most versatile plastics because
it is lightweight, yet very strong; impact resistant; weather
resistant; it can be molded into almost any shape and is widely
recyclable. Construction is scheduled to begin in early 2017 with
start-up planned for 2019. Additionally, development of a world
scale propylene oxide and tertiary butyl alcohol (PO/TBA) plant at
the company's Channelview site is
progressing.
Ethylene is a basic chemical building block used in consumer
products such as housewares, construction materials, automotive
parts, food packaging and personal care products. Global demand for
ethylene has consistently grown at a 4 percent annual rate,
according to IHS Markit.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one
of the world's largest plastics, chemical and refining companies
and a member of the S&P 500. 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
This release includes
forward-looking statements and projections, made in reliance on the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. The company has made every reasonable effort to ensure
that the information and assumptions on which these statements and
projections are based are current, reasonable, and complete. Actual
results could differ materially based on factors including, but not
limited to, our ability to obtain all necessary regulatory
approvals and to successfully construct and operate the proposed
facilities described in this release; and general economic
conditions in geographic regions or markets served by
LyondellBasell or where operations of the company are
located. Additional factors that could cause results to
differ materially from those described in the forward-looking
statements can be found in the "Risk Factors" section of our Form
10-K for the year ended December 31,
2015, 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. While the company makes these statements
and projections in good faith, neither the company nor its
management can guarantee that anticipated future results will be
achieved. The company assumes no obligation to publicly update or
revise any forward-looking statements made herein or any other
forward-looking statements made by the company, whether as a result
of new information, future events, or otherwise.
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SOURCE LyondellBasell