LyondellBasell announced on Wednesday that it has begun a strategic review of the European assets within its Olefins & Polyolefins and Intermediates & Derivatives business divisions. The review will be conducted with the company's strategy in mind— to grow and enhance its core, establish a sustainable and profitable low carbon solutions business, and boost performance and culture.
"During the 2023 Capital Markets Day, we expressed our intention to focus our portfolio on businesses that provide a lasting competitive edge and to reinvest in those areas that generate superior returns on a significant scale," stated Peter Vanacker, CEO of LyondellBasell. He emphasized that these criteria haven't altered.
The firm intends to proceed with its investments in a large-scale MoReTec plant, which is LyondellBasell's proprietary technology designed to transform plastic waste into liquid raw materials. They will also carry on with the creation of a circularity hub in the region around Cologne, Germany. Moreover, LyondellBasell will persist in leveraging its unique technology to grow and enhance its primary asset base.
Vanacker further stated that the company will prioritize investments that align its operations with its goals for circularity and achieving net-zero carbon emissions. He acknowledged that strategic assessments could bring about uncertainty for employees and customers but assured that LyondellBasell is committed to running its assets in a safe and reliable manner throughout this process.
