Chemical maker LyondellBasell said on Thursday it is in exclusive talks with Munich-based investment firm AEQUITA for the sale of certain olefin and polyolefin assets in Europe.

LyondellBasell will get up to $115 million from the business’s earnings after 3 years. The company expects to record an overall loss of $700 million–$900 million from the sale.

LyondellBasell's Houston Refinery stopped producing in early 2025. The company plans to convert part of the facility into a chemical recycling facility for plastics.