LyondellBasell may sell ethylene oxide unit

LyondellBasell Industries is exploring the sale of its ethylene oxide and derivatives unit. The business is a small one for the company, generating about $85 million in pretax earnings, roughly 1% of its total. LyondellBasell has the capacity to make 385,000 metric tons (t) of crude ethylene oxide annually along with derivatives such as ethylene glycol and glycol ethers. At a Capital Markets Day event on March 14, the firm outlined a strategy emphasizing sustainability. The firm is building a recycling complex in Cologne, Germany, and plans to retrofit its Houston oil refinery to focus on plastics circularity. The company has also agreed to buy Mepol Group, a compounder of recycled plastics.