Future stakeholder in Sasol’s Lake Charles operations ekes out a small profit in Q3

By
10/12 Industry Report Staff
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(Courtesy LyondellBasell) LyondellBasell is among the world’s largest producers of ethylene and propylene oxide. The Channelview complex is one of the largest petrochemical facilites along the U.S. Gulf Coast, covering an area of nearly 3,900 acres.

The company that recently acquired a $2 billion stake in Sasol’s Lake Charles complex managed to make a small profit in the third quarter.

Petrochemical firm LyondellBasell, which has global headquarters in the Netherlands, made $114 million in the three months ended Sept. 30, amid a tough quarter for chemical and refining companies struggling with an industry-wide demand slump. That’s 88% less than the $965 million profit the company made in the same quarter of 2019.

Earlier in the third quarter, LyondellBasell said it would acquire a $2 billion stake in Sasol’s U.S. chemical operations in Lake Charles through a joint venture between the two companies.