HOUSTON, April 4 /PRNewswire-FirstCall/ -- Lyondell Chemical Company (NYSE: LYO) today announced a consolidation of business management, marketing and sales activities between Lyondell and Equistar Chemicals, LP. The organizations have used the shared service business model previously to improve the business processes and the cost structures of both entities.
(Photo: http://www.newscom.com/cgi-bin/prnh/20020404/DATH030 )
Morris Gelb, currently Executive Vice President and Chief Operating Officer of Lyondell, has been named Chief Operating Officer for both Lyondell and Equistar. Eugene R. Allspach, who was previously Chief Operating Officer of Equistar, retired from the company effective March 31, 2002. Gelb has served as Chief Operating Officer of Lyondell since 1998, when Lyondell acquired ARCO Chemical Company. Previously, he was an executive with ARCO Chemical.
Two other executives, who will report to Gelb, have been given expanded responsibilities for both Lyondell and Equistar as part of the new organizational realignment.
Edward J. Dineen, currently Senior Vice President of Intermediates and Performance Chemicals for Lyondell, will assume the new role of Senior Vice President, Chemicals and Polymers Business Management. He will have responsibilities for Equistar's olefins, polymers, aromatics and ethylene oxide and derivatives businesses in addition to his current responsibilities for Lyondell's intermediates and performance chemicals businesses.
W. Norman Phillips, Jr., currently Senior Vice President of Polymers for Equistar, has been named Senior Vice President, Fuels and Raw Materials for Lyondell and Equistar. Phillips will have responsibilities for raw materials, enterprise optimization, risk management and fuels business management for both companies.
Equistar is a joint venture owned by Occidental Petroleum Corporation (with a 29.5% share), Millennium Chemicals Inc. (with a 29.5% share) and Lyondell (with a 41% share).
Lyondell Chemical Company, (www.lyondell.com ), headquartered in Houston, Texas, is the world's largest producer of propylene oxide (PO); the world's number three supplier of 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 refiners in the United States, processing extra 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.
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SOURCE Lyondell Chemical Company
Web site: http: //www.lyondell.com
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CONTACT: media, Anne M. Knisely, +1-713-309-2643, or investors, Patrick Quarles, +1-713-309-7141, both of Lyondell Chemical Company
CAPTION: DATH030 LYONDELL AND EQUISTAR MORRIS GELB Morris Gelb, chief operating officer, Lyondell Chemical Company and Equistar Chemicals, LP. (PRNewsFoto)[TK] HOUSTON, TX USA 04/04/2002
CAPTION: LYOLOGO LYONDELL LOGO Lyondell Logo. (PRNewsFoto)[PM] HOUSTON, TX USA 09/21/2000
