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LyondellBasell sees no major maintenance in 2H; Channelview debottleneck eyed
HOUSTON, July 28, 2017 (PCW) – LyondellBasell on Friday said it had no major maintenance planned at its olefins facilities through the end of the year. It also reported 2Q net income of $1.13 billion, up 3.5% from the year-ago period due to stronger volumes and improved margins.
Company executives noted its Corpus Christi olefins plant ran at 88% of its expanded capacity of 2.5 billion lbs/yr during 2Q. The plant was expanded late last year. It is currently running in the mid- to high 90% range, they added. In 2018, the company plans turnarounds at two of its crackers, one of its propylene oxide units and one train at its Houston refinery. No further details as to the locations involved in these turnarounds were provided.
CEO Bob Patel added the company plans to complete a two-phased debottlenecking at its Channelview olefins unit, starting early in the next decade, that would ultimately add another 550 million pounds of capacity at the facility. A new polyethylene unit is being mulled to consume the ethylene produced from that expansion, he added. There are currently two olefins units at Channelview with a combined production capacity of 4.2 billion lbs/yr.
The olefins and polyolefins Americas segment reported 2Q EBITDA of $859, up $105 million from 2Q 2016, due to increased ethylene production. The olefins and polyolefins Europe, Asia and International segment reported 2Q EBITDA of $699 million, up by $163 million in 2Q 2017 due to improved ethylene margins and increased sales volumes.
The intermediates and derivatives group saw 2Q EBITDA of $339 million, down $30 million from a year ago. This was attributed to lower oxyfuels margins and reduced volumes due to planned maintenance at its Botlek facility in the Netherlands.
The refining group saw 2Q EBITDA of $25 million, an increase of $38 million from 2Q 2016 due to increased volumes. -- Samantha Hartke