LyondellBasell Boosted by U.S. Polyolefins Business in Q2

In Q2 2013, sales of Rotterdam-based petrochemical and plastics giant LyondellBasell weakened by 1.3% year-on-year to $11.1 billion but improved by 4% against Q1 2013. EBITDA declined by 4% year-on-year, while increasing by the same margin against Q1. A strong performance by the US-based olefins and polyolefins segment is largely credited for the positive results. Business in Europe and Asia was better than expected, but CEO Jim Gallogly warned that pricing conventions and maintenance turnarounds at competitors had boosted quarterly figures. "Underlying fundamentals within Europe remain weak," he said.