This decision is due to ongoing pressure on Maasvlakte's profitability resulting from global overcapacity, a sharp increase in imports from Asia, and high European production costs. The situation is expected to persist, making long-term profitable production unlikely.

“While the decision to shut down the PO11-unit is difficult, we must ensure all assets within our portfolio are a long-term strategic fit,” said Aaron Ledet, executive Vice President I&D and Supply Chain at LyondellBasell. “We are prioritizing our core assets which play a key role in our technology differentiation and circularity strategy or provide attractive returns over the cost of capital.”

"As part of our Sustainable Future corporate strategy, we’re continuously working to optimally position Covestro to be a reliable partner for our customers and to operate competitively in a challenging market environment," said Hermann-Josef Dörholt, Head of the Performance Materials Business Entity at Covestro. "Due to global overcapacities, persistently weak demand, and high costs in Europe, we have jointly decided with LyondellBasell to close the PO11 plant. We will support LyondellBasell in implementing this change as socially responsibly as possible.”

The Maasvlakte site, a joint venture between LyondellBasell and Covestro, has been operational in the Rotterdam region since 2003. Between now and the end of 2026, LyondellBasell will carry out a process to safely shut down and prepare for the demolition of the asset.

In 2024, LyondellBasell announced a strategic review of European assets of its Olefins & Polyolefins (O&P) and Intermediates & Derivatives (I&D) business units. LyondellBasell has taken the next step in evaluating the option to seek alternative ownership for the O&P sites in the strategic assessment. At this time no decisions have been made and various outcomes remain possible.