LyondellBasell gets new order
On June 9, LyondellBasell (LYB) announced that it would be providing its leading polypropylene (or PP) and low-density polyethylene (or LPDE) technologies to Indonesia-based PT Chandra Asri Perkasa. These technologies will be used in its two plants that will be constructed in the second petrochemical complex in Cilegon, Indonesia.
LyondellBasell didn’t disclose the financial aspects of the deal. Dan Coombs, LyondellBasell’s executive vice president of Global Manufacturing, Projects, Refining and Technology, said, “The Spheripol process is recognized around the world to advance the quality of polypropylene products and to elevate process efficiency. Lupotech T is the market leader in high-pressure tubular LDPE technology offering low operating and investments costs to our customers.”
LyondellBasell’s stock performance
LyondellBasell stock fell 1.1% and closed at $107.38. The decline has pushed the stock to trade 1.7% below the 100-day moving average of $109.23, indicating that the stock is trading sideways. On a year-to-date basis, the stock has fallen 2.6%.
In comparison, its peers Celanese (CE), Westlake Chemical (WLK), and Eastman Chemical (EMN) have risen 3.5%, 1.3%, and 7.4%, respectively. LyondellBasell’s 14-day relative strength index of 43 indicates that the stock isn’t overbought or oversold.
Investors can hold LyondellBasell indirectly by investing in the iShares U.S. Basic Materials ETF (IYM), which rose 0.3% for the week. IYM has invested 5.5% of its portfolio in LyondellBasell as of July 13.