HOUSTON, Aug. 7 /PRNewswire-FirstCall/ -- In response to numerous inquiries, Lyondell Chemical Company (NYSE: LYO) today stated that Millennium Chemicals' recently announced financial restatement will have no effect on the financial statements of Lyondell or Equistar.

Equistar is a partnership between Lyondell and Millennium and, as such, is not subject to federal income taxes. Each partner is responsible for reporting the tax effects of its share of partnership operations in its own financial statements.

Since the inception of Equistar in December 1997, Lyondell has reported the appropriate deferred taxes related to its interest in Equistar, and does not expect any adjustments similar to those described by Millennium.

Lyondell Chemical Company, (www.lyondell.com ), headquartered in Houston, Texas, is a leading producer of: propylene oxide (PO); PO derivatives, including toluene diisocyanate (TDI), propylene glycol (PG), butanediol (BDO) and propylene glycol ether (PGE); and 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 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.

SOURCE Lyondell Chemical Company