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LyondellBasell may spend $1.5 billion on new plants, expansions

December 14, 2011
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NEW YORK — Chemical maker LyondellBasell Industries announced it may spend $1.5 billion on new plants and expansions to add as much as $1 billion a year to pretax earnings by 2016, Bloomberg reported.

Projects in the U.S. olefins unit may add as much as $500 million to earnings before interest, tax, depreciation and amortization, LyondellBasell said during a New York investor presentation on Dec. 8.

CEO Jim Gallogly said he is expanding U.S. production of ethylene, a key plastics ingredient, using ethane, a component of natural gas, because shale-gas production has reduced prices.
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