PR98188

ROTTERDAM, Netherlands, Oct. 11, 2022 /PRNewswire=KYODO JBN/ --

LyondellBasell and 23 Oaks Investments, Leiferde/Lower Saxony, Germany, signed

an agreement to create Source One Plastics, a joint venture that will build an

energy efficient, advanced plastic waste sorting and recycling facility in

Germany. Using renewable energy from wind and biomass, the new unit is designed

to process the amount of plastic packaging waste generated by approximately 1.3

million German citizens per year. This waste is not recycled today and is

mostly incinerated.

The Source One Plastics facility will produce processed waste that will provide

a material part of the feedstock for an advanced recycling plant that

LyondellBasell plans to build at its Wesseling, Germany, site. Using

LyondellBasell's proprietary MoReTec technology, this plant will be the first

commercial scale, single-train advanced recycling plant, designed to

demonstrate its capability for further scalability. LyondellBasell already

operates a semi-industrial scale MoReTec  plant at its Ferrara, Italy, site.

LyondellBasell's new plant is designed to convert hard-to-recycle post-consumer

plastic waste into feedstock for new plastic materials. Once in operation, it

will enable recycling of most types of plastic materials such as multi-layered

food packaging items or mixed plastic containers. The final investment decision

on this project is scheduled for the coming months. Both projects contribute to

LyondellBasell's sustainability ambition to end plastic waste in the

environment.

"We are committed to supporting our customers to meet their demand for

renewable and circular solutions," says Yvonne van der Laan, LyondellBasell

Executive Vice President, Circular and Low Carbon Solutions. "To truly achieve

a circular economy, we have to find creative solutions to meet society's needs.

We are taking an important first step into the upstream side of the business to

secure access to plastic waste that we will convert into new plastic materials

at our advanced recycling plants. This will enable us to meet our circularity

ambition and produce two million tonnes of polymers from recycled or renewable

resources annually by 2030."

23 Oaks Investments is a strategic solution provider in the upcycling of

post-consumer recycled (PCR) plastic waste with extensive experience in the

plastics industry. The Source One Plastics joint venture will provide a broad

portfolio of services including waste procurement, sorting, and pre-treatment

to deliver feedstock suitable for producing high-quality PCR material for a

range of applications.

"With our global experience at all levels of the circular economy and our

extensive knowledge in all areas of the plastic recycling value chain combined

with our strong hands-on approach, we feel we have right mix of competencies to

make Source One Plastics a success," says Kai Hoyer, Managing Partner of 23

Oaks Investment. "Together with LyondellBasell's commitment to expand on its

circular polymer product offering and its work to develop advanced recycling

into an industrial scale technology, 23 Oaks can contribute its part to make

this a reality."

In addition to its advanced recycling semi-industrial scale plant,

LyondellBasell holds a 50% share in Quality Circular Polymers (QCP). QCP uses a

mechanical recycling process to produce premium plastic pellets from

post-consumer packaging waste for use in such applications as electrical

appliances, washing detergent bottles and suitcases.

About LyondellBasell

As a leader in the global chemical industry, LyondellBasell strives every day

to be the safest, best operated and most valued company in our industry. The

company's products, materials and technologies are advancing sustainable

solutions for food safety, access to clean water, healthcare and fuel

efficiency in more than 100 international markets. LyondellBasell places high

priority on diversity, equity and inclusion and is Advancing Good with an

emphasis on our planet, the communities where we operate and our future

workforce. The company takes great pride in its world-class technology and

customer focus. LyondellBasell has stepped up its circularity and climate

ambitions and actions to address the global challenges of plastic waste and

decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's

"World's Most Admired Companies" for the fifth consecutive year. For more

information, please visit www.lyondellbasell.com or follow @LyondellBasell (

https://c212.net/c/link/?t=0&l=en&o=3670509-1&h=3838395323&u=https%3A%2F%2Fnam11.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.linkedin.com%252Fcompany%252Flyondell-basell%252F%253FminiCompanyUrn%253Durn%25253Ali%25253Afs_miniCompany%25253A5667%2526lipi%253Durn%25253Ali%25253Apage%25253Ad_flagship3_feed%25253BwF2GxPbET4ix3Rj%25252B1tlEOQ%25253D%25253D%2526licu%253Durn%25253Ali%25253Acontrol%25253Ad_flagship3_feed-actor_container%2526lici%253D38mXQHpTyzJjhSlW%25252FYR2Aw%25253D%25253D%26data%3D04%257C01%257C%257C27498e398e8848495c7708d9fc712281%257Cfbe6208106d8481dbaa034149cfefa5f%257C0%257C0%257C637818385111805214%257CUnknown%257CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%253D%257C3000%26sdata%3DnZQ1RWDelzqh4E5slWhMdZoePeVJR5jfdkLPNxYKT8s%253D%26reserved%3D0&a=%40LyondellBasell

) on LinkedIn.

About 23 Oaks Investment

23 Oaks Investment GmbH is a holding company that aims to create the global

infrastructure for a closed-loop circular economy through financial and

operational investments in sustainable companies in the plastics industry. It

invests in resource-saving product development and in the design and

construction of innovative collection, sorting, and recycling systems. 23 Oaks

combines environmental and economic gains in the Circular Economy, providing

solutions for the environmentally and climate responsible use of plastics. 23

Oaks was founded in June 2019 by Kai Hoyer in Leiferde/Lower Saxony, Germany.

FORWARD-LOOKING STATEMENTS

The statements in this release relating to matters that are not historical

facts are forward-looking statements. These forward-looking statements are

based upon assumptions of management of LyondellBasell which are believed to be

reasonable at the time made and are subject to significant risks and

uncertainties. Actual results could differ materially based on factors

including, but not limited to, our ability to meet our sustainability goals,

including the ability to increase production of recycled and renewable-based

polymers; our ability to procure energy from renewable sources; potential

governmental regulatory actions; and the successful construction and operation

of the joint venture facilities described in this release. Additional factors

that could cause results to differ materially from those described in the

forward-looking statements can be found in the "Risk Factors" section of our

Form 10-K for the year ended December 31, 2021, which can be found at

www.LyondellBasell.com on the Investor Relations page and on the Securities and

Exchange Commission's website at www.sec.gov. There is no assurance that any of

the actions, events or results of the forward-looking statements will occur, or

if any of them do, what impact they will have on our results of operations or

financial condition. Forward-looking statements speak only as of the date they

were made and are based on the estimates and opinions of management of

LyondellBasell at the time the statements are made. LyondellBasell does not

assume any obligation to update forward-looking statements should circumstances

or management's estimates or opinions change, except as required by law.

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SOURCE:  LyondellBasell

CONTACT: Andreas Anker, Corporate Communications, Andreas.anker@lyb.com, Tel.:

+49 2236 72 1595; 23 Oaks Investment GmbH, Sonja Jude, Corporate

Communications, presse@23oaks-invest.com,  Tel.:  +49 531 21 49 27 37