LyondellBasell today 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 lens of the company's strategy to grow and upgrade the core, build a profitable circular and low carbon solutions business, and step up performance and culture.

"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, Chief Executive Officer, LyondellBasell. "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.

"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."