LyondellBasell Industries N.V. - LYB STOCK NEWS

LyondellBasell has entered into five long-term solar power purchase agreements (PPAs) with Grenergy, aiming to procure renewable energy from the La Cereal solar farm, expected to become operational by the end of 2025. These agreements will generate approximately 329,000 megawatt-hours (MWh) of solar power annually, sufficient to power over 90,000 European homes. This initiative brings LyondellBasell closer to its goal of sourcing at least half of its electricity from renewable sources by 2030, achieving 70% of that target. The company's PPA portfolio is poised to cut greenhouse gas emissions by over one million tons annually.

LyondellBasell (NYSE: LYB) will host its Capital Markets Day on March 14, 2023, from 8:30 a.m. to 12:30 p.m. EDT. CEO Peter Vanacker and the Executive Committee will discuss the company's long-term strategy, business objectives, capital allocation priorities, and financial outlook. The event will be held at the New York Stock Exchange and is available via webcast. Presentation slides will be accessible during the event and recorded for later viewing. Attendees can find additional disclosures, including non-GAAP reconciliations, on the company’s website.

LyondellBasell (NYSE:LYB) and KIRKBI have committed approximately 130 million Euros to invest in APK, known for its innovative solvent-based recycling technology for low-density polyethylene (LDPE).

The investment aims to enhance the recycling of multi-layer flexible packaging, which constitutes a significant portion of plastic waste. With this partnership, both LyondellBasell and KIRKBI will gain minority stakes in APK, facilitating the construction of more Newcycling plants that will increase production capacity. This move supports broader sustainability objectives and addresses the demand for high-quality recycled materials, contributing to a circular economy.

LyondellBasell (NYSE: LYB) has declared a dividend of $1.19 per share, scheduled for payment on March 13, 2023. This dividend will be issued to shareholders of record on March 6, 2023, with an ex-dividend date set for March 3, 2023. The company aims to enhance its leadership in the global chemical industry by focusing on safe operations and innovation in sustainable solutions across various markets. LyondellBasell is committed to advancing sustainability, particularly in addressing plastic waste and reducing greenhouse gas emissions.

LyondellBasell has entered into a long-term contract with Nexus Circular to supply approximately 24,000 tons of recycled feedstock annually. This material will be produced at Nexus’ upcoming recycling facility and is aimed at reducing landfill waste. The recycled feedstock will be used at LyondellBasell's Channelview, Texas plant to create new plastics under the CirculenRevive brand. This partnership supports LyondellBasell's sustainability goals, particularly its 2030 recycling commitments, and enhances efforts toward a circular economy.

LyondellBasell has signed a long-term contract with Nexus Circular for approximately 24,000 tons of recycled feedstock annually. This feedstock will be produced at Nexus's new advanced recycling facility, expected to start construction in 2023. The recycled material will be utilized at LyondellBasell's Channelview, Texas facility to create new plastics under the CirculenRevive brand. The partnership supports LyondellBasell's 2030 circularity goals and aims to meet growing customer demands for sustainable solutions.

LyondellBasell outlined its ambitious climate goals, focusing on reducing Scope 3 emissions, which constitute approximately 75% of emissions in the chemical industry. The company aims to cut Scope 1 and Scope 2 emissions by 42% and Scope 3 emissions by 30% by 2030, using 2020 as a baseline. Key initiatives include closing a Houston refinery by 2023, expected to decrease emissions by 40 million metric tons annually, and entering Power Purchase Agreements (PPAs) for renewable energy, thereby reducing Scope 2 emissions by nearly 1 million metric tons. LyondellBasell is also committed to aligning its targets with the Science-Based Targets Initiative.

LyondellBasell has secured four new renewable electricity power purchase agreements (PPAs), including two in Europe and two in the United States, totaling approximately 560 MW of renewable energy capacity. This brings the company's total to eight PPAs, achieving over 50% of its 2030 target to source at least 50% of its electricity from renewable sources. The contracts are anticipated to produce more than 2.6 million MWh of renewable electricity annually, cutting down about 1 million metric tons of carbon emissions. The Tarragona Solar Project is expected to commence operations in Q3 2023, alongside a Nordic project set to start in Q1 2026.