LyondellBasell’s Chemical Results Mixed in Early 2009

LyondellBasell says performance was mixed for its chemical business during the first two months of 2009, with the olefins segment sagging but the propylene oxide (PO) and intermediate products unit performing better than expected. Overall sales volumes for olefins have lagged due to weak market conditions and reduced demand for ethylene, LyondellBasell said in a recent conference call with analysts. The company averaged a 90% U.S. operating rate in January and February, excluding its shuttered Chocolate Bayou plant, but its margins remained depressed. Sales...

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