MOSCOW (MRC) -- LyondellBasell subsidiary Equistar Chemicals has lifted its force majeure (FM) on polyethylene (PE) from petrochemical sites in Texas, Louisiana, Illinois and Iowa, reported S&P Global with reference to the company's letter to customers.
Thus, the FM was lifted in early May, 2021.
Morris, Illinois (HDPE, LDPE, LLDPE, PE Specialties), Clinton, Iowa (HDPE, LDPE), Lake Charles, Louisiana (LDPE, LLDPE), La Porte, Texas (LLDPE) and Victoria, Texas (HDPE) force majeures were all lifted, the letter said.
However, the company applied a strict sales control program from these sites until further notice, as PE supply remains tight in the region.
Polyethylene resin, particularly LDPE and HDPE, have been talked tight by market participants in recent months amid healthy demand, with spot and export resin particularly tight. The severe freeze that hit the US Gulf Coast in February further aggravated supplier output as many companies reduced rates and some shut down.
Chocolate Bayou, Texas (HDPE), Matagorda, Texas (HDPE) and La Porte, Texas (LDPE, EVA) will remain under force majeure until further notice, the company said.
As MRC informed before, 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.
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.