Lyondellbasell Industries N.V. Announces Intention of Retirement of Bhavesh V. Patel as Director, Effective December 31, 2021
August 25, 2021 at 06:48 am EDT
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LyondellBasell Industries N.V. announced that Bhavesh V. (Bob) Patel, Chief Executive Officer and Director of LyondellBasell Industries N.V., has provided the Company with notice of his intent to retire. Mr. Patel will be employed through December 31, 2021 under the terms of the Employment Agreement dated January 12, 2015 between Mr. Patel, the Company, and its wholly-owned subsidiary, Lyondell Chemical Company. In connection with his retirement, Mr. Patel will receive the payments and benefits consistent with those described under the section titled “Executive Compensation—Potential Payments Upon Termination or Change in Control—Retirement” in the Company’s 2020 proxy statement and as set in the Employment Agreement.
LyondellBasell Industries N.V. is one of the world's largest chemical groups. Net sales break down by activity as follows:
- production of olefins and polyolefin (50.2%): ethylene, propylene, butadiene, polypropylene components, etc.;
- manufacturing of intermediate chemical products (21.6%): propylene oxide, acetyl, ethanol, ethylene oxide, etc.;
- refining of highly sulfide crude oil (15.6%): activity ensured in the Gulf Coast region of the United States. The group also produces oxy-fuel;
- manufacturing of advanced polymer solutions (11.1%): polypropylene compounds, engineering plastics, composite materials, advanced polymers, etc. ;
- development of chemical and polyolefin process technologies (1.5%). The group also manufactures polyolefin catalysts.
At the end of 2021, the group had 34 production sites worldwide.
Net sales break down geographically as follows: the Netherlands (3%), the United States (48.8%), Germany (7.4%), China (5%), Italy (4%), Mexico (3.4%), Japan (3.1%), France (3%), Poland (2.5%) and other (19.8%).
LYONDELLBASELL INDUSTRIES N.V. 
