Rotterdam, Netherlands: LyondellBasell NV announced on Tuesday that it is currently exploring strategic options for its Ethylene Oxide & derivatives (EO&D) business, which is based in the U.S. Gulf Coast. This news comes at a time when the company is looking for new ways to maximize its profits and growth opportunities.

"While the EO&D business provides positive cash generation, it is not a business where the company seeks a leading long-term position," the company stated in a statement.

LyondellBasell has announced it is evaluating potential investments for its Houston refinery, even as the company recently revealed plans to cease refining operations at that site.

Houston Refinery is exploring the feasibility of retrofitting its facility to expand Circular and Low Carbon Solutions (CLCS) operations. If successful, this will be the first step in creating a more sustainable business model that can help reduce emissions and create a greener and cleaner environment.

CLCS is anticipating a significant growth in EBITDA of at least $1 billion by 2030. This anticipated growth is due to the company's existing strengths and capabilities.