/C O R R E C T I O N -- LyondellBasell/
In the news release, LyondellBasell North American Ethylene Expansion Program on Schedule, issued 02-May-2014 by LyondellBasell over PR Newswire, we are advised by the company that in the first paragraph, the words "per day" should be removed so the sentence reads "...is expected to increase annual ethylene capacity by an estimated 1.85 billion pounds, for a total estimated capacity of 11.8 billion pounds in North America," rather than "...is expected to increase annual ethylene capacity by an estimated 1.85 billion pounds per day, for a total estimated capacity of 11.8 billion pounds in North America," as originally issued inadvertently. The complete, corrected release follows:
LyondellBasell North American Ethylene Expansion Program on Schedule
HOUSTON and LONDON, May 2, 2014 /PRNewswire/ -- LyondellBasell (NYSE:LYB) has received a key permit required in the company's multi-plant ethylene expansion program which, when fully operational, is expected to increase annual ethylene capacity by an estimated 1.85 billion pounds, for a total estimated capacity of 11.8 billion pounds in North America.
The ethylene expansion program began in 2013 and represents a total investment of approximately $1.3 billion in the company's Channelview, La Porte and Corpus Christi, Texas plants which benefit from shale gas production.
On April 16, the U.S. Environmental Protection Agency (EPA) issued a final greenhouse gas permit for the Corpus Christi project. The permit is the first to be drafted by the Texas Commission on Environmental Quality (TCEQ) and issued by EPA under a new program designed to help improve permitting efficiency and productivity for applicants in the State of Texas.
"We are very pleased with the joint efforts of the EPA and TCEQ. Successfully securing our permit in Corpus Christi means our multi-plant ethylene expansion program is on target to be fully operational by the end of 2015," Gallogly added.
The required plant modifications are well underway at the La Porte facility and are scheduled to be completed this summer. Start-up at the Channelview plant is planned for early 2015. Construction at Corpus Christi is expected to begin during the second half of this year with start-up scheduled for late 2015.
"Rather than build a new plant from the ground up, which can take five years or more, our approach is to expand our existing facilities and seize the feedstock advantage more swiftly and cost-effectively," said LyondellBasell Chief Executive Officer Jim Gallogly. "These projects, in addition to the recent restart of an idle methanol unit at our Channelview plant and a butadiene expansion at our Wesseling, Germany plant, can potentially add approximately $1.1 billion to our EBITDA, based on 2013 margins," he added.
This press release contains forward-looking statements. Forward-looking statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. Actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ from forward-looking statements include, but are not limited to, the business cyclicality of the chemical, polymers and refining industries; the availability, cost and price volatility of raw materials and utilities, particularly the cost of oil, natural gas, and associated natural gas liquids; competitive product and pricing pressures; labor conditions; our ability to attract and retain key personnel; operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, supplier disruptions, labor shortages, strikes, work stoppages or other labor difficulties, transportation interruptions, spills and releases and other environmental risks); the supply/demand balances for our and our joint ventures' products, and the related effects of industry production capacities and operating rates; our ability to achieve expected cost savings and other synergies; our ability to successfully execute projects and growth strategies; legal and environmental proceedings; tax rulings, consequences or proceedings; technological developments, and our ability to develop new products and process technologies; potential governmental regulatory actions; political unrest and terrorist acts; risks and uncertainties posed by international operations, including foreign currency fluctuations; and our ability to comply with debt covenants and service our debt; and other factors affecting our business generally as set forth in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2013, which can be found at www.lyondellbasell.com on the Investor Relations page and on the Securities and Exchange Commission's website at www.sec.gov.
LyondellBasell (NYSE:LYB) is one of the world's largest plastics, chemical and refining companies. The company manufactures products at 55 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.
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