HOUSTON, Feb. 22 /PRNewswire/ -- Lyondell Chemical Company (NYSE: LYO) today reported that it has received notification that the competition authorities of the European Union have cleared the sale of Lyondell's polyols business in Europe to Bayer. This was the final major regulatory hurdle to completing the transaction, which is now expected to close at the beginning of the second quarter of 2000. In the United States, Federal Trade Commission review of the transaction was completed on December 19, 1999.

On November 16, 1999, Lyondell announced that it had reached agreement with Bayer to sell its worldwide polyols business, along with an equity interest in Lyondell's propylene oxide operations, for approximately $2.45 billion. Lyondell plans to use all of the after-tax proceeds, which are expected to be in excess of $2 billion, to reduce debt.

Lyondell Chemical Company, with headquarters in Houston, Texas, is the world's largest producer of propylene oxide (PO); the world's number two supplier of polyols and TDI (toluene diisocyanate); a leading producer of propylene glycol; a leading producer of other PO derivatives such as BDO (butanediol) and PGE (propylene glycol ether); and a producer of styrene monomer and MTBE as co-products of PO production.

Through its 41% interest in Equistar Chemicals, LP, Lyondell also is one of the largest producers of ethylene, propylene and polyethylene in North America and a leading producer of polypropylene, ethylene oxide, ethylene glycol, high value-added specialty polymers and polymeric powder.

Through its 58.75% interest in LYONDELL-CITGO Refining LP, Lyondell is one of the largest and most profitable refiners in the United States, processing very heavy Venezuelan crude oil to produce gasoline, low sulfur diesel and jet fuel.

Lyondell is the third largest methanol producer in the U.S., through its 75% interest in Lyondell Methanol Company, L.P.
SOURCE Lyondell Chemical Company
Web site: http: //www.lyondell.com
CONTACT: media, Jackie Wilson, 713-652-4596, or Marvin Brown, 713-309-2643, or investors, Sami Ahmad, 713-309-7141, all of Lyondell Chemical Company