Court Approves Deal to Close Equistar’s Chocolate Bayou, TX Site

The U.S. Bankruptcy Court for the Southern District of New York has approved a settlement between LyondellBasell subsidiary Equistar Chemicals, Solutia and Ascend Performance Materials over Equistar’s plan to abandon its olefins unit at Chocolate Bayou, TX. The site has been a point of contention among the three companies for more than a year. Equistar idled the unit, which has a nameplate capacity of 1.2 billion lbs/year of ethylene and 725 million lbs/year of propylene, in December 2008 due to declining petrochemical demand and weak economic conditions. The...

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