LyondellBasell releases new corporate strategy

On March 14, LyondellBasell held a capital market day event at the New York Stock Exchange and released a new long-term strategy for the company. LyondellBasell announced that it hopes to accelerate growth, expand margins and improve return on capital through its technology leadership, sustainable solutions and more.

It is reported that LyondellBasell's new strategy focuses on enhancing sustainable value and includes three key elements: developing and upgrading core businesses, focusing growth on the company's leading businesses; establishing profitable circular and low-carbon solutions business (CLCS), it is expected that by 2030, the incremental earnings before interest, taxes, depreciation and amortization of the CLCS business will grow to at least US$1 billion, and leverage the company's existing scale, market access and technology leadership to obtain considerable returns; Strengthen performance and culture, and shift from single cost control to customer-centricity to drive performance improvement.

Peter Vanacker, CEO of LyondellBasell, said: "I believe the new strategy will unlock the true potential of LyondellBasell. I believe that LyondellBasell's core business has enduring strengths, will bring strong profit growth, and Deliver strong returns to our shareholders."

While announcing the new strategy, LyondellBasell has started to take actions around its new strategy in 2022, including exiting the refining business and divesting the Australian polypropylene business.