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Home > News > Corporate News

LyondellBasell considers drawing back from European market

Source:Adsale Plastics Network Date :2024-05-16 Editor :RC
Copyright: This article was originally written/edited by Adsale Plastics Network (AdsaleCPRJ.com), republishing and excerpting are not allowed without permission. For any copyright infringement, we will pursue legal liability in accordance with the law.

LyondellBasell announced the formal launch of a strategic review of the European assets of its Olefins & Polyolefins and Intermediates & Derivatives business units. The assessment will evaluate the assets through the company's strategy to Grow & Upgrade the Core, Build a Profitable Circular and Low Carbon Solutions Business, and Step Up Performance & Culture.


LyondellBasell_Wesseling site.JPG


LyondellBasell’s manufacturing facility in Wesseling, Germany that produces polyolefin products.

 

At the 2023 Capital Markets Day, the company stated its intention to concentrate on businesses with long-lasting competitive advantage and to reinvest in areas with superior returns.

 

As planned, LyondellBasell's investments in a commercial-scale MoReTec plant, its proprietary technology to convert plastic waste into liquid raw materials, and the development of a circularity hub in the Cologne, Germany will continue.

 

The company will also continue to invest and leverage its differential technology to grow and upgrade its core asset base.

 

“The company will prioritize its investments to align operations with our circularity and net zero ambitions,” concluded Peter Vanacker, CEO of LyondellBasell.


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