LyondellBasell Says It’s Quitting Russia
Olefins and polyolefins giant LyondellBasell (LYB) has become the latest multinational chemical company to announce plans to pull out of Russia partly or altogether. The Rotterdam-registered, Houston-managed company said this week it has decided “to cease operations” at two office locations in in the country. Its offices in Moscow and Togliatti have now begun winding down activities.
In March, responding to the Russian invasion of Ukraine, the company said it would discontinue business relationships with Russian state-owned entities “to the extent legally possible.”
Richard Roudeix, senior vice president, Olefins & Polyolefins, Europe, Middle East, Africa and India, said current conditions in the region were the primary drivers for the decision announced this week. “We recognize this is a difficult situation for our employees and have a local team in place to support them during this transition period,” he added.
LYB said the two Russian offices were primarily involved in selling polymers from its O&P and APS businesses. Together, they employ 18 people.
The workforces of most other major chemical companies exiting the country are much larger. Major European players who have announced plans for a complete or partial withdrawal, including Henkel, BASF and Bayer, have said they will compensate employees for a certain period of time.
Author: Dede Williams, Freelance Journalist
