ROTTERDAM, The Netherlands - Basell AF and Lyondell Chemical Co. last week completed a merger, creating LyondellBasell Industries, the world's third-largest independent chemical company.

LyondellBasell businesses include polymers, chemicals, fuels and technology with combined pro forma revenues of nearly $43 billion for the 12 months ending Sept. 30, 2007. The company has 60 manufacturing sites in 19 countries on five continents and nearly 15,000 employees worldwide.

"With the combination of Basell and Lyondell, we have created a global leader in the petrochemical industry, with exceptional capabilities in both chemicals and fuels," said Volker Trautz, chief executive officer of LyondellBasell. "Each of our businesses has a long and successful heritage. As we go forward, the values, dedication and ingenuity that made our predecessors strong and successful will remain at the core of our culture."

LyondellBasell is known for its polyolefin technology, production and marketing. It produces polypropylene and advanced polyolefin products, as well as being a supplier of polyethylene and catalysts, and it also licenses polypropylene and polyethylene processes. The company is also known for propylene oxide and derivatives and is a producer of advanced fuel products.

"LyondellBasell was formed with a focus on customers and markets, a dedication to operational excellence and an emphasis on innovation," Trautz said. "Our products benefit people and communities all over the world. We are committed to operating our businesses with the highest principles of integrity, ethics and corporate responsibility, including the highest standards of health, safety and environmental performance. As an industry leader, we recognize the importance of being a responsible corporate citizen in our communities.

"While our company is expanding and our name has changed, our values remain the same," said Mike Cain, plant manager at LyondellBasell's Corpus Christi facility. "Our commitment to protecting the environment, health and safety of our workers and the local community will continue."

In Corpus Christi, LyondellBasell has approximately 400 employees and contractors at the facility, providing nearly $270 million to the local economy through payroll, benefits, purchases and taxes.

The plant produces basic building block chemicals including ethylene and propylene that are used to make plastics, building materials, automotive parts and food packaging.

Len Blavatnik, founder and chairman of Access Industries, said: "The combination of the world-class talent, technology, refining and petrochemical capabilities from Lyondell and Basell creates an unrivaled global petrochemical platform. LyondellBasell is a dynamic addition to Access's industrial portfolio."

Access Industries is a privately held, U.S.-based industrial group that was founded in 1986 and has long-term holdings worldwide in three key sectors: natural resources and chemicals; telecommunications and media; and real estate.