LyondellBasell Retains the Possession of it’s Houston Refinery
LyondelBasell
has decided not to sell its Houston refinery factory operations
United
States: LyondellBasell,
a Netherlands based company, which is one of the well-established player in
plastics, chemicals and refining production, has concluded the decision to keep
its Houston refinery off the selling block. The Houston refinery is one of the
largest refineries in the United States and is involved in the production of
high sulphur crude oil, clean fuels, conventional gasoline, basic chemicals
such as refinery grade propylene, propylene oxide, ethylene oxide, methanol
etc. As per Michael Waldron, spokesperson of LyondellBasell, the decision was
made keeping in view the improvement in profit margins from the refinery due to
rising fuel prices in more distant future.
Techsci Research depicts that retention
of the Houston refinery, would propel the market demand for propylene, that
acts as a building block for chemical derivatives such as polypropylene,
propylene oxide etc., which is further anticipated to drive the global
propylene market demand.
According
to the recently published report by TechSci
Research,
“Global Propylene
Market By
Application, By Region, Competition Forecast and Opportunities, 2011 - 2025”, the
global propylene market is forecast to grow at a CAGR around 6% during
2016-2025, on account of growing industrialization and rising demand for demand
for eco-friendly paints across commercial and residential set ups.
Additionally, announcements of various emerging OPT plants for propylene
coupled with smooth trading practices between countries is boosting global
propylene market. Furthermore, polypropylene is projected to dominate global
propylene market, on account of increasing government regulations for reducing
greenhouse gas emissions in environment supported by tremendous growth in the
production of light commercial vehicles and packaging industries. Few of the
leading players operating in global propylene market include Sinopec Corp.,
CNPC and ExxonMobil Corporation, among others.