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.