Adhesives Magazine

Millennium Chemicals Declines to Acquire Occidental's Interest in Equistar

June 30, 2002
Red Bank, N.J. -- Millennium Chemicals announced that it will not exercise its right to purchase Occidental's interest in Equistar on a ratable basis. Also, following the closing of Lyondell Chemical Co.'s purchase of Occidental Petroleum Corp.'s interest in Equistar, Millennium's indemnity of collection relating to up to $750 million of Equistar's debt will end.

William M. Landuyt, chairman and CEO of Millennium, said, "Occidental's participation in Equistar has been of real value, and we are pleased that they will still be involved indirectly through their share ownership of and board representation at Lyondell. Our investment in Equistar should appreciate in value as we approach the next peak in the ethylene cycle. In the meantime, we will continue to actively participate in the governance of the partnership to optimize cash flows and the value of our stake in Equistar."

Millennium Chemicals is an international chemicals company with leading market positions in a range of commodity, industrial, performance and specialty chemicals. For more information, visit www.millenniumchem.com.