TAGS: Sustainability / Natural Solutions
LyondellBasell announces 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 lens of the company's strategy to grow & upgrade the core, build a profitable circular and low carbon solutions business, and step-up performance & culture.
Continue to Invest & Leverage Differential Technology Position
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At the 2023 Capital Markets Day, we stated our intent to concentrate our portfolio around businesses with long-lasting competitive advantage and to reinvest around those advantaged areas generating superior returns at meaningful scale,” said Peter Vanacker, LyondellBasell chief executive officer. “
These criteria have not changed.”
The company's investments in a commercial-scale MoReTec plant, LyondellBasell's proprietary technology to convert plastic waste into liquid raw materials, and the development of a circularity hub in the Cologne, Germany region will continue as planned. LyondellBasell will also continue to invest and leverage its differential technology position as a key enabler to grow and upgrade the core asset base.
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The company will prioritize its investments to align operations with our circularity and net zero ambitions,” Vanacker added. “
We understand that strategic assessments can create uncertainty for our employees and customers, but we are committed to operate our assets safely and reliably throughout this process.”
Source: LyondellBasell