MOSCOW (MRC) -- LyondellBasell has announced it has been named to FORTUNE Magazine's 2022 list of the "World's Most Admired Companies." LyondellBasell has received this distinction for five consecutive years, as per the company's press release.
"This recognition is a reflection of our team's relentless commitment to excellence," said Ken Lane, LyondellBasell's Interim CEO. "Every day, employees at LyondellBasell demonstrate integrity, innovation and focus and I'm both proud and humbled by their endless accomplishments."
In 2021, LyondellBasell built on its momentum, delivered strong business results and advanced its sustainability goals.
Highlights from the year include:
- Delivering record-setting financial results. The company's 2021 Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) excluding lower of cost or market inventory valuation (LCM) and impairments exceeded prior records by 15%.
- Launching the Circulen portfolio of polymers to advance the circular economy of plastics and support our ambitious goal to produce and market two million metric tons of recycled and renewable-based polymers annually by 2030.
- Increasing our climate ambitions to align with the Paris Agreement. The company announced goals to achieve net zero greenhouse gas (GHG) emissions from global operations by 2050 and a 30% reduction in scope 1 and 2 greenhouse gas (GHG) emissions from global operations by 2030.
As MRC wrote earlier, in July, 2021, Neste and LyondellBasell announced a long-term commercial agreement under which LyondellBasell will source Neste RE, a feedstock from Neste that has been produced from 100% renewable feedstock from bio-based sources, such as waste and residue oils and fats. This feedstock will be processed through the cracker at LyondellBasell’s Wesseling, Germany, plant into polymers and sold under the CirculenRenew brand name.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.
Neste (Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. The company is the world’s leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. In 2020, Neste's revenue stood at EUR11.8 billion, with 94% of the company’s comparable operating profit coming from renewable products.
MRC