LyondellBasell has officially initiated a strategic review of its European assets within the Olefins & Polyolefins and Intermediates & Derivatives business units. This evaluation aligns with the company’s strategic goals to enhance core operations, develop a profitable circular and low-carbon solutions business, and improve performance and culture.
Peter Vanacker, LyondellBasell’s chief executive officer, emphasized at the 2023 Capital Markets Day the company’s focus on concentrating its portfolio around businesses with sustainable competitive advantages and reinvesting in those areas to achieve superior returns on a significant scale. “These criteria remain unchanged,” Vanacker stated.
The company plans to proceed with its investments in a commercial-scale MoReTec plant, which utilizes LyondellBasell’s proprietary technology to convert plastic waste into liquid raw materials, and the establishment of a circularity hub in the Cologne, Germany area. Additionally, LyondellBasell will continue to leverage its technological advancements to strengthen and upgrade its core assets.
“Our priority is to align our operations with our circularity and net zero ambitions,” Vanacker added. “We recognize that strategic reviews can create uncertainty for our employees and customers, but we are dedicated to maintaining the safe and reliable operation of our assets throughout this process.
We are LyondellBasell (NYSE: LYB) ― a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare.
