Equistar Resumes Distributions to Owners

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, [phone], or Susan Moore, [phone],

both of Equistar Chemicals, LP

Copyright