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<br />e <br /> <br />e <br /> <br />LYONDELL-MILLENNIUM PARTNERSHIP - Page 3 <br /> <br />CITGO Refining Co. Ltd., will provide Lyondell with a greater number of options to <br />create shareholder value than ever before in our history," said Smith. <br />Landuyt said, "This combination helps fulfill Millennium's strategy to maximize <br />value creation in our polyethylene and related businesses by driving down costs and by <br />partnering with an organization that shares our relentless focus on optimizing synergistic <br />opportunities. The transaction also enhances Millennium's financial flexibility to pursue <br />expansion of our specialties and intermediates businesses, thereby reducing the volatility of <br />Millennium's overall business portfolio." <br /> <br />Closing Expected this Year <br />The transaction, which has been unanimously approved by the Boards of Directors <br />of both companies, is expected to close by year end, following approval by both <br />companies' stockholders, and satisfaction of certain other conditions. <br /> <br />The Venture Will Be Comprised of Quality People, Assets & Operating Capabilities <br />Lyondell's contribution to the new venture company includes the businesses <br />associated with the following operations: <br />. The olefins business, comprised of two olefins plants at the Channelview <br />Petrochemical Complex near Houston, TX, with annual capacities of 3 .8 billion <br />pounds of ethylene and 2.2 billion pounds of propylene, and related facilities for the <br />manufacture and production of butadiene, aromatics and other co-products, as well as <br />storage facilities at Mont Belvieu, TX. <br />. The polymers business, consisting of three manufacturing facilities located in <br />Pasadena, Victoria and Matagorda County, TX, with annual capacities of2 billion <br />pounds of polymer resins. <br />· The technology group and certain business functions located in and near Houston. <br /> <br />-MORE- <br />