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LyondellBasell says Channelview cracker outage to occur 1Q-2Q

HOUSTON, February 2, 2018 (PCW) –- LyondellBasell on Friday said a turnaround at one of its Channelview olefins units will occur between the first and second quarters, resulting in an earnings impact of $100 million, half of which will be felt in 1Q.

The Channelview facility has two olefins units with a total ethylene production capacity of 4.2 billion lbs/yr.

The company announced it would be spending about $2.4 billion for capital projects this year, the bulk of which would be spend on its new propylene oxide/tertiary butyl alcohol plant at Channelview. Going forward, the company expects to spend $3 billion every year through 2022. LyondellBasell announced it was moving forward with a debottleneck at the Channelview cracker in 2020 with a potential second debottleneck occurring in 2024.

Along the propylene value chain, the company said preliminary engineering and analysis was occurring for a possible 1.1 billion lbs/yr polypropylene unit in North America in the 2022-23 period and a 1.6 billion lbs/yr PDH unit, also in the same time frame.

LyondellBasell on Friday reported 4Q net income of $1.894 billion, up from $763 million in the year-ago period. The increase was attributed to an $819 million one-time, non-cash benefit from US tax reform.

The Americas olefins and polyolefins segment reported 4Q EBITDA of $784 million, compared to $563 million in 4Q 2016. The increase was due to a margin improvement of about 5 cpp cents per pound due to higher ethylene prices, higher co-product contribution and lower feedstock costs. -- Samantha Hartke

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