HOUSTON, Jan. 31 /PRNewswire/ -- Lyondell Chemical Company (NYSE: LYO) today announced that it has declined the offer Millennium Chemicals Inc. made related to its minority stake in Equistar Chemicals L.P. Lyondell reiterates that its number one financial priority continues to be debt reduction.

Equistar Chemicals is one of the world's largest olefins and polymers producers. Currently Lyondell has a 41% ownership interest in Equistar, with Occidental Petroleum Corporation and Millennium Chemicals Inc. each having a 29.5% interest.

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