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Business & Finance

LyondellBasell to buy Houston pipeline

NEW YORK: LyondellBasell Industries NV said its Equistar Chemicals unit had agreed to buy about 200 miles of pipeline
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By Muhammad Iqbal
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bellNEW YORK: LyondellBasell Industries NV said its Equistar Chemicals unit had agreed to buy about 200 miles of pipeline near Houston from BP Plc.Terms of the deal were not released.

The pipelines and metering stations include a Houston olefins distribution system that transports ethylene and propylene from Channelview, Texas, to Equistar's storage terminal at Mont Belvieu and facilities in Deer Park, La Porte and the Bayport Industrial District in Pasadena, Texas.

The purchase also includes a natural gas liquids (NGL) feedstock supply line into Channelview.

Shares of Lyondell were up 1 percent in premarket trading.

Copyright Reuters, 2011

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