Industry News

LyondellBasell Retains the Possession of it’s Houston Refinery

LyondelBasell has decided not to sell its Houston refinery factory operations

United States: LyondellBasell, a Netherlands based company, which is one of the well-established player in plastics, chemicals and refining production, has concluded the decision to keep its Houston refinery off the selling block. The Houston refinery is one of the largest refineries in the United States and is involved in the production of high sulphur crude oil, clean fuels, conventional gasoline, basic chemicals such as refinery grade propylene, propylene oxide, ethylene oxide, methanol etc. As per Michael Waldron, spokesperson of LyondellBasell, the decision was made keeping in view the improvement in profit margins from the refinery due to rising fuel prices in more distant future.

Techsci Research depicts that retention of the Houston refinery, would propel the market demand for propylene, that acts as a building block for chemical derivatives such as polypropylene, propylene oxide etc., which is further anticipated to drive the global propylene market demand.

According to the recently published report by TechSci Research, Global Propylene Market By Application, By Region, Competition Forecast and Opportunities, 2011 - 2025”, the global propylene market is forecast to grow at a CAGR around 6% during 2016-2025, on account of growing industrialization and rising demand for demand for eco-friendly paints across commercial and residential set ups. Additionally, announcements of various emerging OPT plants for propylene coupled with smooth trading practices between countries is boosting global propylene market. Furthermore, polypropylene is projected to dominate global propylene market, on account of increasing government regulations for reducing greenhouse gas emissions in environment supported by tremendous growth in the production of light commercial vehicles and packaging industries. Few of the leading players operating in global propylene market include Sinopec Corp., CNPC and ExxonMobil Corporation, among others.

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