EXHIBIT 99.1

For information, contact:
Media - Anne M. Knisely (713) 309-2643
Investors - Patrick Quarles (713) 309-7141                 FOR IMMEDIATE RELEASE


                   EQUISTAR ANNOUNCES TERMS OF FINANCING PLAN

     HOUSTON, Aug. 1, 2001 - Equistar today confirmed that it will move forward
with its new financing package in the third quarter.  The financing includes an
underwritten secured $1 billion credit facility with term loan and revolving
credit facilities.

     The financing also contemplates $500 million of 7-year, non-call senior
unsecured notes, which will rank pari passu with existing Equistar notes.  The
term and revolving credit facilities will extend the maturity of Equistar's
existing credit facility.

     The senior unsecured notes will be offered only to qualified institutional
buyers. Such notes will not be registered under the Securities Act of 1933 and
may not be offered or sold in the United States absent registration or an
applicable exemption from registration.

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Equistar Chemicals, LP is a joint venture among Lyondell Chemical Company,
Millennium Chemicals Inc. and Occidental Petroleum Corporation that combined
their olefins, polymers and oxygenated chemicals businesses.

The statements in this release relating to matters that are not historical facts
are forward-looking statements that are subject to risks and uncertainties.
Actual results could differ materially, based on factors including, but not
limited to, future economic conditions, availability of the capital markets,
industry production capacity and operating rates, the supply/demand balance for
the products produced by Equistar, competitive products and pricing pressures,
further increases in raw material and/or energy costs, changes in governmental
regulations and other risk factors. For more detailed information about the
factors that could cause actual results to differ materially, please refer to
Equistar's Annual Report on Form 10-K for the year ended December 31, 2000,
filed with the Securities and Exchange Commission in March 2001, and Equistar's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2001, which will be
filed in August 2001.