HOUSTON and LONDON – July 21, 2017 -LyondellBasell (NYSE: LYB), one of the world’s largest plastics, chemicals and refining companies, today announced the final investment decision to build the world’s largest propylene oxide (PO) and tertiary butyl alcohol (TBA) plant in the Houston area. The project is estimated to cost approximately $2.4 billion, representing the single-largest capital investment in the company’s history. At the peak of construction, the project is expected to create up to 2,500 jobs and approximately 160 permanent positions when operational.
“This world-scale project is a key part of our organic growth strategy which is designed to meet rising global demand for both urethanes and cleaner-burning oxyfuels while creating real, long-term value for our shareholders,” said Bob Patel, CEO of LyondellBasell. “Our investment in this plant combines the best of both worlds: our leading PO/ TBA process technology with proximity to low-cost feedstocks, which gives LyondellBasell a competitive advantage in the global marketplace for these products.”
“We are pleased that LyondellBasell continues to view the Houston area as important to their global operations, creating jobs and opportunities for Houstonians,” said Bob Harvey, president and CEO of the Greater Houston Partnership.” This new project further advances Houston’s position as a global hub of petrochemical manufacturing, leveraging Houston’s strategic access to the Americas and top markets around the world.” (more…)