LyondellBasell Industries NV
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Related Party Transactions
- Related Party Transactions
We have related party transactions with our joint venture partners, which are classified as equity investees (see Note 9 to the Consolidated Financial Statements). These related party transactions include the sales and purchases of goods and services in the normal course of business as well as certain financing arrangements.
These transactions are summarized as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| Millions of dollars | 2023 | 2022 | 2021 |
| The Company billed related parties for: | |||
| Sales of products— | |||
| Joint venture partners | $614 | $1,012 | $1,038 |
| Shared service agreements— | |||
| Joint venture partners | 4 | 2 | 13 |
| Related parties billed the Company for: | |||
| Sales of products— | |||
| Joint venture partners | $3,673 | $4,837 | $4,348 |
| Shared service agreements— | |||
| Joint venture partners | 79 | 94 | 85 |
Related Party Notes Receivable—In July 2022, we executed a loan agreement with our joint venture partner to lend CNY 300 million (approximately $42 million as of December 31, 2023) to our joint venture Bora LyondellBasell Petrochemical Co. Ltd. (“BLYB”). The loan maturedsix months from issuance with the option to extend up tonine times, insix months increments, with consent of the joint venture partners. As of December 31, 2023, the loan has been extended twice and matures in February 2024. It is expected the loan will be extended a third time in the first quarter of 2024. Interest accrues at theone-year prime rate from People’s Bank of China and is payable quarterly.
Other—We have guaranteed $18 million of the indebtedness oftwo of our joint ventures as of December 31, 2023.
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