Lyondell sets 2005 capital budget, no major expansions

08 January 2005 00:15  [Source: ICIS news]

HOUSTON (CNI)--Lyondell announced Friday its 2005 capital expenditure budget of $851m (Euro652m), including its Equistar, Millennium and Lyondell-Citgo Refining (LCR) operations.

 

The 2005 plan does not include any major plant expansions, Lyondell said.

 

Houston-based Lyondell’s 2004 estimated capital expenditures totalled $549m.

 

“Projected 2005 capital spending for base asset support and plant efficiency projects totals approximately $290m across the Lyondell enterprise, including LCR on a 100% basis,” the company said in a release. Lyondell currently owns 58.75% of LCR.

 

“The balance of the budget will fund projects related to environmental and regulatory requirements, including emission reductions, low sulphur fuels and MTBE [methyl tertiary butyl ether] alternatives,” the company said.

 

“Lyondell’s share of LCR’s capital spending (58.75% or $110m) will be accounted for as a capital contribution,” the company said. “LCR’s spending will increase over 2004, primarily due to low-sulphur gasoline and diesel projects which are driven by regulatory changes.”

 

The 2005 budget includes: $80m for intermediate chemicals and derivatives; $167m for Equistar; $85m for Millennium; $332m for Lyondell Consolidated; and $187m for Lyondell-Citgo.

 

Lyondell completed its acquisition of Millennium late last year.

 

Lyondell describes itself as North America’s third-largest independent, publicly-traded chemical company.

By: Brian Ford
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