Lyondell Chemical lowers 2002 capital expenditure
Date: 24-Dec-01
Country: USA
The chemical producer said the budget for Lyondell and its ventures, Equistar Chemicals, LP, and Lyondell-Citgo Refining LP, is $230 million, including the company's proportionate share of capital spending for Equistar and LCR. The 2001 budget was $304 million.
"The decrease in the overall capital budget is consistent with the current business environment, without compromising safe, efficient, environmentally responsible operations," said President and Chief Executive Officer Dan Smith.
Spending for Intermediate Chemicals and Derivatives will decrease due primarily to completion of a major expansion of a toluene diisocyanates facility in Pont de Claix, France, and to lower spending requirements related to Lyondell's 50 percent share of capital for the PO-11 joint venture with Bayer in Rotterdam, Netherlands.
Equistar's capital spending in 2002 primarily will target projects to improve plant efficiencies and to ensure regulatory and environmental compliance.
