HOUSTON, Sept. 8, 2021 /PRNewswire/ -- LyondellBasell
(NYSE: LYB), today announced it is weighing strategic options for
its Gulf Coast-based Refining Segment, including a potential
sale.
"While the Houston Refinery is a valuable, well-performing
asset, we have long held the belief that it may be even more
valuable as part of a larger refining system," said Bob Patel, CEO of LyondellBasell. "To that end,
we are actively gauging market interest in this business with the
goal of delivering the greatest value to all our stakeholders."
LyondellBasell's Houston Refinery is one of the largest
refineries in the U.S., with a rated capacity to transform 268,000
barrels per day of crude oil into high-value transportation fuels
such as reformulated gasoline, ultra-low sulfur diesel and jet
fuel, as well as other products including lubricants, chemical
intermediates and petroleum coke. The facility is strategically
located on the Houston Ship Channel and covers approximately 700
acres. The refinery has been under Company ownership since
2006.
The Company cannot provide assurances regarding the outcome or
timing of this process and does not intend to make further
announcements regarding this review unless and until it is required
or appropriate.
Bank of America is acting as financial advisor and Vinson &
Elkins is legal counsel to the Company for this process.
About LyondellBasell
LyondellBasell (NYSE: LYB) is one of the largest plastics,
chemicals and refining companies in the world. Driven by its
employees around the globe, LyondellBasell produces materials and
products that are key to advancing solutions to modern
challenges like enhancing food safety through lightweight and
flexible packaging, protecting the purity of water supplies through
stronger and more versatile pipes, improving the safety, comfort
and fuel efficiency of many of the cars and trucks on the road, and
ensuring the safe and effective functionality in electronics and
appliances. LyondellBasell sells products into more than 100
countries and is the world's largest producer of polypropylene
compounds and the largest licensor of polyolefin technologies. In
2021, LyondellBasell was named to FORTUNE Magazine's list of the
"World's Most Admired Companies" for the fourth consecutive
year. More information about LyondellBasell can be found
at www.lyondellbasell.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 of LyondellBasell 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 not limited to, market
conditions, the business cyclicality of the refining industry;
uncertainties and impacts related to the extent and duration of the
pandemic; pricing pressures; our ability to identify, evaluate and
complete any strategic alternative related to the refinery.
There is no assurance that any of the actions, events or results
of the forward-looking statements will occur, or if any of them do,
what impact they will have on our results of operations or
financial condition. Forward-looking statements speak only as of
the date they were made. LyondellBasell does not assume any
obligation to update forward-looking statements should
circumstances or management's estimates or opinions change, except
as required by law.
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SOURCE LyondellBasell Industries