15 June 2010 19:39 [Source: ICIS news]
By Prema Viswanathan
DUBAI (ICIS news)--LyondellBasell’s desire to improve its cost structure and efficiency will include an emphasis on the development of specialty polymers, a senior company executive said on Tuesday.
“We are in a better position to implement the strategy now that we have emerged from [US] Chapter 11 bankruptcy,” said Massino Covezzi, senior vice president of research and development with LyondellBasell. He spoke on the sidelines of the Gulf Petrochemicals and Chemicals Association's (GPCA) Plastics Summit.
LyondellBasell would leverage its technology edge to develop specialty polymers, said Covezzi.
“This is part of our business strategy to be efficient,” he said. “We have developed polyethylene (PE), polypropylene (PP) and polybutene pipes. In the automotive sector, we are the leading polymer supplier to Europe, North America, with a growing presence in Asia,” he said.
The company was looking at producing metallocene PE, in addition to metocene PP, which was already in the market, he said.
“We certainly have a development programme for metallocene PE, for although volumes are not very significant at present, demand for this grade is growing,” he added.
Asia would be the main driver for polyolefins demand growth in 2010, with a year-on-year growth of 4-6%, while Europe and North America would grow at the level of their GDP (gross domestic product), he said.
“Our position in Asia, the Middle East, Europe and the Americas, in terms of both manufacturing and market presence, is a privileged one and allows us to be competitive in the market and face any [imminent] challenges,” he said.
The new polyolefins capacities from the company’s joint ventures in the Middle East were now stable, and these volumes would probably go to Asia and to Europe, he added.
LyondellBasell emerged from nearly 16 months under US bankruptcy protection in May.
Covezzi said the company planned to be listed on the New York Stock Exchange (NYSE) during the third quarter.
The three-day GPCA conference ends on Wednesday.
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