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LyondellBasell exploring options for EO and derivatives unit

LyondellBasell NV said on Tuesday it was exploring strategic options for its U.S. Gulf Coast-based ethylene oxide & derivatives (EO&D) business.

"While the EO&D business provides positive cash generation, it is not a business where the company seeks a leading long-term position," the company said in a statement.

LyondellBasell added that it was also evaluating future investments for its Houston refinery site where it plans to cease refining operations.

The company said it was analyzing the potential to retrofit the Houston refinery to build up its Circular and Low Carbon Solutions (CLCS) business.

It expects CLCS to grow to at least $1 billion in incremental EBITDA by 2030 by leveraging the company's existing strengths.

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