Bankrupt Dutch petrochemicals company LyondellBasell will shut down one polypropylene (PP) line in Wesseling, Germany, by the end of 2009, resulting in a reduction in PP capacity of 1,10,000 tonnes at the site.
"We have concluded that our current polypropylene operating rate at Wesseling is no longer economically viable," said Anton de Vries, LyondellBasell's president of Europe, Asia & International.
"The affected line in Wesseling is one of the smallest and oldest PP units we have in LyondellBasell. We continue to invest in state-of-the-art facilities," he added.
He, however, said the company will continue to meet the needs of its customers even as it rationalizes certain assets.
LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. The company is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels.
LyondellBasell, privately owned by ProChemie GmbH, a joint venture of Access Industries and ProChemie Holding Ltd, has a vast research and development base for developing innovative materials and technologies.
Indian petrochemicals major Reliance Industries is reported to be looking at acquiring the assets of bankrupt LyondellBasell, either in part or whole. (See: Reliance eyes bankrupt Dutch company LyondellBasel: report)