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UPDATE 1-LyondellBasell weighs strategic options for European assets

Reuters
·1-min read

(Adds details on the divesture and background from paragraphs 2-5)

May 8 (Reuters) - LyondellBasell said on Wednesday it has launched a strategic review of the European assets of two of its business units, sending shares of the petrochemical manufacturer over 2% higher in morning trade.

The review is for the company's olefins and polyolefins unit and intermediates and derivatives division.

"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, CEO of LyondellBasell.

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"These criteria have not changed."

The company said last year it was exploring strategic options for its U.S. Gulf Coast-based ethylene oxide and derivatives (EO&D) business.

In December, it had agreed to sell its Bayport, Texas ethylene oxide unit and associated business to chemical maker INEOS Oxide for $700 million. (Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)