LyondellBasell Industries N.V.

10. Equity Investments

Our significant equity investments are as follows at December 31:

The following table summarizes changes in our equity investments:

Capital contributions in 2025 and 2024 include $4 million and $84 million, respectively, related to our PO Joint Ventures.

Closure of European PO Joint Venture—In March 2025, we announced the permanent closure of our European PO Joint Venture. We will carry out a process to safely shut down and prepare for the demolition of the asset. We estimate our portion of the total shutdown costs will be approximately $215 million and will be incurred through 2027. We incurred shutdown costs of $126 million during the year ended December 31, 2025. These costs are included in Cost of Sales in the Consolidated Statements of Income (Loss).

Acquisition of Joint Venture Interest—In May 2024, we acquired a 35% interest in Saudi Arabia-based National Petrochemical Industrial Company from Alujain Corporation for approximately $500 million. The joint venture currently has the capacity to produce 400 thousand tons of polypropylene per year. We market the majority of the off-take through our global sales team. The joint venture is included in our O&P-EAI segment and accounted for using the equity method of accounting.

Impairments—During the fourth quarter of 2023, we recognized a non-cash impairment charge of $192 million related to our European PO Joint Venture due to a trend of negative financial performance and the unfavorable long-term economic outlook for the joint venture. The fair value of our investment was determined using an income approach and the significant inputs used in our fair value determination, including projected cash flows and the discount rate, are considered Level 3. This charge is reflected as Other impairments in the Consolidated Statements of Income (Loss).

Summarized balance sheet information of our investments accounted for under the equity method (presented on a 100% basis) at December 31 is as follows:

As of December 31, 2025 and 2024, the carrying value of our equity method investments exceeded the underlying net assets of our investees by $554 million and $557 million, respectively. Amortization of the basis difference is included in Loss from equity investments and is not material.

Summarized income statement information of our investments accounted for under the equity method (presented on a 100% basis) is as follows: