The new contract with Lianyungang Petrochemical for Hostalen ACP also signifies LyondellBasell’s (LYB) tenth Hostalen ACP line licensed in China that exceeds a capacity of 3.4 million tons per year.
Jim Seward, LyondellBasell’s vice president for technology business and sustainability, said, “We are grateful to Zhejiang Satellite for selecting our technology. With this contract, LyondellBasell has licensed more than 1 million tons of Hostalen ACP capacity this year. This clearly demonstrates this is the process technology of choice for the production of high-performance multimodal HDPE products.”
Despite the positive news, the negative sentiments in the stock market pushed the stock into the red. LYB closed at $89.96 and declined by 0.36%. In comparison, peer Eastman Chemical (EMN) gained ~0.1%, while Westlake Chemical (WLK) and Celanese (CE) fell 1.14% and 0.40%, respectively. The broader market S&P 500 (SPY) remained flat. LYB is trading marginally lower than its 100-day moving average price of $87.66.