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LyondellBasell and Covestro restarted PO/SM plant in Nerthelands at lower rates

March 11/2021

MOSCOW (MRC) -- LyondellBasell and Covestro's jointly-owned propylene oxide(PO)/styrene monomer (SM) unit at Maasvlakte, Netherlands, is reportedly producing at a lower rate following an incident at the site on 10 February, 2021, reported Chemweek.

The site produces 313,000 metric tons/year of PO and 680,000 metric tons/year of styrene. A four-week turnaround is planned at the site, beginning in the second half of March, market sources told OPIS.

OPIS is an IHS Markit company.

As MRC wrote previously, LyondellBasell and Covestro declared force majeure on SM supplies from their joint PO/SM plant at Maasvlakte, Netherlands, on 11 February, 2021, because of a mechanical failure, which caused the shutown of the plant.

We remind that LyondellBasell (Houston, Texas), one of the largest plastics, chemicals and refining companies in the world, reports fourth-quarter net income of USD855 million, up 40% year-over-year (YOY) from USD612 million on higher polyolefin volumes and margins. A USD147 million non-cash, lower-of-cost-or-market (LCM) inventory valuation benefit increased net income by USD119 million, or USD0.36 per share. Sales totaled USD7.937 billion, down 3.0% YOY from USD8.179 billion. Adjusted earnings per share of USD2.19 increased 15% YOY from USD1.91 and beat the consensus of USD1.31 as compiled by Zacks Investment Research.

Styrene is the main feedstock for the production of polystyrene (PS).

According to MRC's ScanPlast report, Russia's estimated consumption of PS and styrene plastics totalled 520,630 tonnes in 2020, which corresponded to the same figure a year earlier. December estimated consumption of PS and styrene plastics grew by 5% year on year to 47,490 tonnes.

LyondellBasell is one of the largest plastics, chemicals and refining companies in the world. Driven by its 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, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world"s largest producer of polymer compounds and the largest licensor of polyolefin technologies. In 2020, LyondellBasell was named to Fortune Magazine"s list of the "World"s Most Admired Companies" for the third consecutive year.


mrcplast.com
Author:Margaret Volkova
Tags:PS, propylene, styrene, Covestro, LyondellBasell, Netherlands, Russia.
Category:General News
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