LyondellBasell announces quarterly dividend and board appointment

MOSCOW (MRC) -- LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, has announced that it has declared a dividend of USD1.00 per share, to be paid December 17, 2018 to shareholders of record December 10, 2018, with an ex-dividend date of December 7, 2018, as per the company's press release.

The company also announced that effective 30 November, Michael Hanley joined LyondellBasell's board of directors, filling the vacancy caused by the previously announced resignation of director Robert G. Gwin. Hanley has more than 25 years of experience in senior management and finance roles, including as Chief Financial Officer of Alcan and as Senior Vice President, Operations and Strategy at the National Bank of Canada. He also serves on the boards of publicly-traded companies BRP, Inc., Industrial Alliance Insurance & Financial Services and Shawcor Ltd.

"As we look to build a future on LyondellBasell's already solid foundation, Michael's perspective and experience will be valuable for our board and company," said Jacques Aigrain, chairman of LyondellBasell's board of directors.

"Michael's deep experience in finance, combined with his international perspective, will benefit LyondellBasell as we drive superior value for our shareholders," added LyondellBasell chief executive officer Bob Patel.

Hanley, 53, holds a bachelor's degree in business administration from HEC Montreal and he is a Chartered Professional Accountant. At LyondellBasell, Hanley will join the Audit and Health, Safety, Environmental and Operations committees of the board of directors.

As MRC wrote before, in September 2018, LyondellBasell announced that Shandong Chambroad Petrochemicals Co. Ltd., (Shandong Chambroad), had selected the LyondellBasell Hostalen "Advance Cascade Process" (Hostalen ACP) technology. The low-pressure slurry process technology will be used for a 350KTA high-density polyethylene (HDPE) unit to be built in their petrochemical complex in Binzhou city, Shandong province, P.R. China.

LyondellBasell is one of the largest plastics, chemicals and refining companies in the world. Driven by its 13,000 employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, and improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. LyondellBasell sells products into approximately 100 countries and is the world's largest licensor of polyolefin technologies.
MRC

MOSCOW (MRC) -- Lomon Billions has expanded and extended multi-year titanium-dioxide (TiO2) supply agreement. Lomon will supply additional quantities of chloride- and sulfate-based TiO2 to PPG, said the company.

In addition, PPG will purchase additional supplies of chloride-based TiO2 from Lomon’s new manufacturing capacity, currently under construction. The plant is expected to be on line in 2019.

“Past six years, Lomon Billions has been an excellent partner as the company has become the fourth largest global supplier of TiO2. This multi-year expansion is a reflection of our continued confidence in the growing capability of Lomon Billions and their commitment to make ongoing investments in additional TiO2 manufacturing capacity,” said Tim Knavish, PPG senior vice president, who oversees supply management function.

"As Lomon Billions continues its growth through investing in innovative manufacturing of chloride- and sulfate-based TiO2, PPG has been one of our most important partners. This multi-year expansion agreement will create additional value for both companies. We look forward to continuing our partnership with PPG,” added Ruiqing Tan, vice chairman of Lomon Billions, who oversees supply and sales functions.
MRC

MOSCOW (MRC) -- Scientific Design Company, Inc. (SD) today announced that Wanhua Chemical Group Co., Ltd. has selected SD’s EO/EG technology for their complex in Wanhua Yantai Industrial Park, Yantai, P.R. China, said the company.

The project will be composed of a plant having a capacity of 73 KTA Purified EO.

The award includes the license of process technology, the provision of a process design package, technical assistance and start up services and the initial charge of SD’s ethylene oxide catalyst.

SD has licensed over 100 ethylene oxide/monoethylene glycol plants in 25 countries around the
world.

Scientific Design Company, Inc. is a process technology company providing licensing, basic engineering and catalysts for its proprietary processes. The Company is jointly owned by Saudi Basic Industries Corporation (SABIC) and Clariant. Since its founding in 1946, Scientific Design has been one of the world’s leading process technology and catalyst development companies. Scientific Design has developed some of the petrochemical industry’s most significant process technologies and catalysts, which are used today to produce millions of tons of petrochemical intermediates in numerous process plants worldwide.
MRC

MOSCOW (MRC) -- India’s western state of Maharashtra has put on hold the process to buy land for the country’s biggest oil refinery that state-run oil companies are building with Saudi Aramco, Chief Minister Devendra Fadnavis said, after strong opposition from farmers, reported Reuters.

The USD44 billion refinery was seen as a game changer for both parties - offering India steady fuel supplies and meeting Saudi Arabia’s need to secure regular buyers for its oil.

But thousands of farmers are refusing to surrender land, fearing it could damage a region famed for its Alphonso mangoes, vast cashew plantations and fishing hamlets that boast bountiful catches of seafood.

"The entire (land acquisition) process has stayed. We haven’t acquired any land," Fadnavis told state assembly on Wednesday as opposition parties and a coalition partner Shiv Sena were opposing the refinery.

The Ratnagiri Refinery & Petrochemicals Ltd (RRPL), which is running the project, says the 1.2 million barrel-per-day (bpd) refinery, and an integrated petrochemical site with a capacity of 18 million tonnes per year, will help create direct and indirect employment for up to 150,000 people, with jobs that pay better than agriculture or fishing.

RRPL, a joint venture between Indian Oil Corp (IOC), Hindustan Petroleum and Bharat Petroleum , has said suggestions the refinery would damage the environment were baseless.

Issues related to the land for the refinery will be sorted out by the state government soon given the importance of the project, RRPL Chief Executive officer B. Ashok told Reuters.

Land acquisition has always been a contentious issue in rural India, where a majority of the population depends on farming for their livelihood.

In 2008, for example, India’s Tata Motors had to shelve plans for a car factory in an eastern state after facing widespread protests from farmers.

As MRC informed previously, in March 2018, Saudi Aramco announced that it was seeking a majority stake in a proposed refinery-cum-petrochemicals complex in Maharashtra, India.
MRC

MOSCOW (MRC) -- LG Chem, the South Korean petrochemical major, has resumed operations at its naphtha cracker in Yeosu, according to Apic-online.

A Polymerupdate source in South Korea informed that the company has restarted the cracker on November 27, 2018 following a maintenance turnaround. The cracker remained off-line for around one month.

Located at Yeosu in South Korea, the cracker has an ethylene capacity of 1 million mt/year, propylene capacity of 500,000 mt/year.

As MRC informed before, LG Chem is planning to spend USD2.4-billion to expand its naphtha cracking center (NCC) and polyolefin (PO) plant in Yeosu, South Korea. The project, which will expand the NCC and PO facility by 800,000 t/y each, is expected to be completed in the second half of 2021.

LG Chem Ltd., often referred to as LG Chemical, is the largest Korean chemical company and is headquartered in Seoul, South Korea. According to ICIS report, it is 15th biggest chemical company in the world in 2011. It has eight domestic factories and global network of 29 business locations in 15 countries. LG Chem is a manufacturer, supplier, and exporter of petrochemical goods, IT&E Materials and Energy Solutions.
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