HOUSTON, Oct. 22 /PRNewswire-FirstCall/ -- Lyondell Chemical Company
(NYSE: LYO) today filed a Current Report on Form 8-K and a Registration Statement on Form S-8 with the Securities and Exchange Commission (SEC).??The Current Report on Form 8-K provides a consolidated source for previously reported information describing the company's capital stock.??The Registration Statement on Form S-8 registers shares under the company's Long-Term Incentive Plan.

The Current Report on Form 8-K updates Lyondell's description of its capital stock as a result of the creation of Series B Common Stock, which was approved by Lyondell shareholders at a special shareholder meeting on Aug. 21. The Series B Common Stock was created as part of Lyondell's acquisition of Occidental Petroleum's share of Equistar Chemicals.??Shareholders received a full description of the Occidental transactions in proxy materials related to the August special shareholder meeting.

The Registration Statement on Form S-8 registers the addition of four million shares to Lyondell's Long-Term Incentive Plan (LTIP), a move that was approved by Lyondell shareholders at the company's annual shareholder meeting on May 2.??The Form S-8 registers the additional shares to enable recipients under the LTIP to trade the shares publicly.??Shareholders received a full description of changes to the LTIP in proxy materials related to the May annual shareholders meeting.

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 70.5% 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.

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SOURCE??Lyondell Chemical Company

    -0-                             10/22/2002

/CONTACT:??media, Anne Knisely, +1-713-309-2643, or investors, Doug Pike, +1-713-309-7141, both of Lyondell Chemical Company/

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/Web site:??http://www.lyondell.com??/

(LYO)

CO:??Lyondell Chemical Company
ST:??Texas
IN:??CHM
SU:

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