Exhibit 99.1 News Release For information contact: Media - Anne M. Knisely (713) 309-2643 Investors - Doug Pike (713) 309-7141 Equistar Announces $325 Million Bond Offering HOUSTON, April 14, 2003 - Equistar Chemicals, LP, today announced it is commencing a private placement offering of $325 million of senior notes due in 2011. The net proceeds will be used to prepay $300 million of 8-1/2% bonds due in 2004, plus any applicable premium. The offering is expected to close later this month. The senior notes will be offered only to qualified institutional buyers and other eligible purchasers in a private placement offering. The 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. Equistar Chemicals, LP, headquartered in Houston, Texas, is a joint venture between Lyondell Chemical Company (NYSE: LYO) and Millennium Chemicals Inc. (NYSE:MCH). # # # FORWARD-LOOKING STATEMENTS 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 global economic conditions, further increases in raw material and/or energy costs, access to capital markets, industry production capacity and operating rates, the supply/demand balance for Equistar's products, competitive products and pricing pressures, technological developments, 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, 2002, filed with the Securities and Exchange Commission in March 2003.