UPDATE 1-LyondellBasell to sell Bayport ethylene oxide unit to INEOS for $700 mln

LyondellBasell said on Friday it has entered into an agreement to sell its production facility and associated business at Bayport, Texas to chemical maker INEOS Oxide for $700 million. The transaction is expected to close in the second quarter of 2024, following the completion of planned maintenance at the facility, the company said in a filing. LyondellBasell had said in March that it was exploring strategic options to sell its U.S. Gulf Coast-based ethylene oxide and derivatives business, saying it was not a business "where the company seeks a leading long-term position".