March 13 (Reuters) - LyondellBasell said on

Wednesday it was seeing a better market in North America for its

chemicals so far into 2024 due to low ethane feedstock costs and

better gasoline spreads, while the markets in Europe and China

continue to be weaker.

With gasoline refining margins improving from the last

quarter of 2023, the oxyfuels & refining segment was seeing an

uptick, CEO Peter Vanacker said at the J.P.Morgan Industrials

Conference.

Oxyfuels are a key component of clean-burning, high-octane

gasoline, which improves fuel efficiency, engine performance and

air quality.

U.S. vehicle miles rising to pre-pandemic levels was also

boosting the segment, Vanacker said.

LyondellBasell also expects the bipartisan infrastructure

law to support its building & construction segment during the

second half of 2024.

Chemical companies experienced a lackluster 2023 as they

struggled to offload inventory amid a slowdown in demand in

major markets such as Europe and China, where recovery from the

COVID-19 pandemic has been weaker than expected.

Vanacker added that while disruptions in the Red Sea reduced

the availability of imports, volumes were improving in Europe as

customers were turning to local supply, with lower natural gas

prices also reducing cost pressures.

In China, the targeted stimulus efforts haven't yet resulted

in an improvement in demand even after the Lunar New Year, he

said.