Page 52 - Plastics News January 2023

LyondellBasell announces increased emissions New Saudi
reduction target petrochemical facility
aims to support circular

economy

he complex will comprise of
Ta mixed feed cracker capable
yondellBasell has announced it will continue to meet our return of producing 1.65 million tons per
Lwill increase the company's 2030 expectations." annum of ethylene, the first in
greenhouse gas (GHG) emissions Estimates of the capital expenditures the region to be integrated with
reduction target for scope 1 and scope necessary to achieve its emissions a refinery. It will also include two
2 emissions from 30 percent to 42 reduction goals are built into the polyethylene units using Advanced
percent, relative to a 2020 baseline. company's long-range plan, according Dual Loop technology, a butadiene
extraction unit, and other associated
In addition, the company will establish to the company. derivatives units.
a 2030 scope 3 GHG emissions LyondellBasell will submit its climate
reduction target of 30 percent, goals to SBTi to be validated against The project alone represents an
investment of around $11 billion,
relative to a 2020 baseline and in SBTi guidance. The SBTi defines and of which $4 billion will be funded
accordance with guidelines from promotes best practice for corporate through equity by Aramco (62.5%)
the Science Based Targets Initiative GHG emissions target setting aligned and TotalEnergies (37.5%). Its
(SBTi). The company's previously to the latest climate science. construction is scheduled to begin
announced goal to achieve net zero LyondellBasell also aims to secure at during the first quarter of 2023 with
scope 1 and 2 GHG emissions from least 75 percent of its global electricity commercial operation targeted to
global operations by 2050 remains from low carbon power by 2030, a start in 2027.
unchanged. majority of which will come from its Eventually, the complex will provide
Peter Vanacker, CEO of LyondellBasell existing goal to procure a minimum of feedstock to other petrochemical
said: "We believe a more ambitious 50 percent of global electricity from and specialty chemical plants,
GHG reduction target is achievable renewable sources. located in the Jubail industrial area,
and will create substantial value for In addition, the company's previously which will be built, owned and
all of our stakeholders, reducing announced Circular and Low operated by globally renowned
emissions while simultaneously Carbon Solutions business will focus downstream investors, entailing an
building a world-class Circular and on achieving its goal to produce estimated additional $4 billion of
Low Carbon Solutions business is and market 2 million metric tons investments. This will support the
needed to meet the demands, we are of recycled and renewable-based establishment of key manufacturing
seeing throughout the value chain. polymers annually by 2030, further industries such as carbon fibres,
This approach is not only good for reducing scope 3 emissions. lubes, drilling fluids, detergents,
society, but also good for business. food additives, automotive parts
We will follow a disciplined approach Value chain collaboration remains a and tires.
to prioritize high-return projects and top priority according to the company.

52 PLASTICS NEWS January 2023