LyondellBasell Makes Decision to Progress Advanced Recycling Plant in Wesseling, Germany

ROTTERDAM,Netherlands,Nov. 18,2022 -- LyondellBasell today announces it has made a decision to move forward with engineering to build an advanced recycling plant at its Wesseling,Germany,site. Using LyondellBasell's proprietary MoReTec technology,this commercial scale advanced recycling plant would convert pre-treated plastic waste into feedstock for new plastic production. The final investment decision is targeted for the end of 2023.

Advanced recycling converts mixed plastic waste into pyrolysis oil for the production of new plastic materials (Source: LyondellBasell)

The previously announced German Joint Venture Source One Plastics will provide plastic waste feedstock to the plant. Source One Plastics is planning to build a facility designed to recycle the amount of plastic packaging waste generated by approximately 1.3 million German citizens per year. This plastic waste will consist of materials such as multi-layered food packaging items or mixed plastic containers that are typically not recycled today.

"We are actively working to move the circular economy forward. Progressing our MoReTec technology represents another step LyondellBasell is making to accelerate the development and implementation of scalable sustainable and circular technology," said Yvonne van der Laan,LyondellBasell Executive Vice President,Circular and Low Carbon Solutions. "This high yield,differential technology will allow us to convert plastic waste into pyrolysis oil and pyrolysis gas for use in our crackers as feedstock leading to the production of new plastic materials. Solid process residues can be re-used or consumed in other applications,making this technology an energy efficient,zero waste process for the recycling of plastic waste".

The start-up of the MoReTec advanced recycling plant is planned for end of 2025 with a capacity of 50,000 tonnes per year. The feedstock produced will be converted at the LyondellBasell Wesseling site into new CirculenRevive polymers for use in applications such as food packaging and healthcare products.

MoReTec - A story of innovation

In 2018,LyondellBasell began conducting base research in the chemical recycling of plastic waste together with the Karlsruhe Institute of Technology (KIT) in Germany,which proved the efficiency of the MoReTec technology at laboratory scale. In October 2019,the company announced the construction of a chemical recycling pilot plant at its Ferrara,Italy,site,which begun operation in August 2020. With the operation of the pilot plant,research work improved the efficiency of the recycling process,identified a commercial catalyst and made further progress in the characterization of the waste feedstock stream. The MoReTec plant capability was further expanded converting the pilot plant to a small scale industrial facility in 2021.

Today,the MoReTec technology allows for the recycling of most types of plastic materials such as multi-layered food packaging items or mixed plastic containers. Polyolefin-based plastic waste is decomposed in a proprietary reactor unit,resulting in high-quality feedstock usable for the production of new plastic materials at the LyondellBasell polymer plants.

About LyondellBasell

As a leader in the global chemical industry,LyondellBasell strives every day to be the safest,best operated and most valued company in our industry. The company's products,materials and technologies are advancing sustainable solutions for food safety,access to clean water,healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity,equity and inclusion and is Advancing Good with an emphasis on our planet,the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization.In 2022,LyondellBasell was named as one of FORTUNE Magazine's "World's Most Admired Companies" for the fifth consecutive year. For more information,please visit www.lyondellbasell.comor follow @LyondellBasellon LinkedIn.

FORWARD-LOOKING STATEMENTS

The statements in this release relating to matters that are not historical facts are forward-looking statements. These forward-looking statements are based upon assumptions of management of LyondellBasell which are believed to be reasonable at the time made and are subject to significant risks and uncertainties. Actual results could differ materially based on factors including,but not limited to,the final investment decision related to the proposed facilities; our ability to complete the transaction described or the timing of such transaction; the successful construction and operation of the facilities described in this release; our ability to obtain all necessary regulatory approvals; our ability to meet our sustainability goals,including the ability to increase production of recycled and renewable-based polymers to meet our targets and forecasts; and general economic conditions in geographic regions or markets served by LyondellBasell and its affiliates,or where operations of the company and its affiliates are located. While these statements and projections are made in good faith,LyondellBasell and its management cannot guarantee that anticipated future results will be achieved. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the "Risk Factors" section of our Form 10-K for the year endedDecember 31,2021,which can be found atwww.LyondellBasell.comon the Investor Relations page and on the Securities and Exchange Commission's website atwww.sec.gov. There is no assurance that any of the actions,events or results of the forward-looking statements will occur,or if any of them do,what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change,except as required by law.