LyondellBasell to review Europe plants

In another portent that the European petrochemical industry is shrinking, LyondellBasell Industries says it has launched a strategic review of its multibillion-dollar olefin, polyolefin, and chemical intermediates operations in Europe. The review will be vast, encompassing all the European assets in the firm's Olefins & Polyolefins and Intermediates & Derivatives business units. LyondellBasell says it will evaluate options such as selling assets, investing in plant improvements, restructuring, and closing facilities. "At this stage, all options are being explored and no definitive decisions have been made, " a company spokesperson says in an email. "It is too early to anticipate any impact on our portfolio, organization or our employees. " European assets comprise most of LyondellBasell's Olefins & Polyolefins Europe, Asia, and International business. That unit generated 9. 8 billion in sales and a loss of about 9 million before taxes in 2023. The business is the European Union's largest supplier of polyolefins—specifically, polyethylene