Equistar Resumes Distributions to Owners
16 August 2004 - 6:41PM
PR Newswire (US)
Equistar Resumes Distributions to Owners HOUSTON, Aug. 16
/PRNewswire-FirstCall/ -- Equistar Chemicals, LP today resumed
making distributions to its owners, distributing a total of $100
million to Lyondell Chemical Company (NYSE:LYO) and Millennium
Chemicals Inc. (NYSE:MCH). Lyondell owns a 70.5 percent interest in
Equistar, and Millennium owns the remaining 29.5 percent interest.
"We are pleased that in this early phase of the cyclical recovery
improved business conditions have positioned Equistar to return to
its policy of distributing excess cash to its owners," said Dan F.
Smith, Chief Executive Officer of Equistar. Equistar Chemicals, LP,
headquartered in Houston, Texas, is a joint venture between
Lyondell Chemical Company and Millennium Chemicals Inc. and
combines their olefins, polymers and oxygenated chemicals
businesses. Equistar is one of the world's largest producers of
ethylene, propylene and polyethylene and a leading producer of
ethylene oxide, ethylene glycol, specialty polymers, wire and cable
resins, and polyolefin powders. Equistar was formed in December
1997 and has 16 manufacturing sites located primarily along the
U.S. Gulf Coast and in the Midwest. DATASOURCE: Equistar Chemicals,
LP CONTACT: Doug Pike, +1-713-309-7141, or Susan Moore,
+1-713-652-4645, both of Equistar Chemicals, LP
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