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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-07-007025.txt : 20070131
<SEC-HEADER>0001181431-07-007025.hdr.sgml : 20070131
<ACCEPTANCE-DATETIME>20070131103152
ACCESSION NUMBER:		0001181431-07-007025
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070129
FILED AS OF DATE:		20070131
DATE AS OF CHANGE:		20070131

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LYONDELL CHEMICAL CO
		CENTRAL INDEX KEY:			0000842635
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				954160558
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1221 MCKINNEY ST
		STREET 2:		SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010
		BUSINESS PHONE:		713-652-7200

	MAIL ADDRESS:	
		STREET 1:		1221 MCKINNEY ST
		STREET 2:		SUITE 700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LYONDELL PETROCHEMICAL CO
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SMITH DAN F
		CENTRAL INDEX KEY:			0001188511

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10145
		FILM NUMBER:		07566683

	BUSINESS ADDRESS:	
		STREET 1:		LYONDELL CHEMICAL CO
		STREET 2:		PO BOX 3646
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77253-3646
		BUSINESS PHONE:		7136527445
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd144668.xml
<TEXT>
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    <schemaVersion>X0202</schemaVersion>

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    <periodOfReport>2007-01-29</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
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        <issuerName>LYONDELL CHEMICAL CO</issuerName>
        <issuerTradingSymbol>LYO</issuerTradingSymbol>
    </issuer>

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            <rptOwnerName>SMITH DAN F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1221 MCKINNEY STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 700</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77010</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>CEO, President and Director</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

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                <value>Common Stock</value>
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            <transactionDate>
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                <transactionAcquiredDisposedCode>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
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                <transactionCode>M</transactionCode>
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                <footnoteId id="F1"/>
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                <transactionShares>
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            <transactionDate>
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                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
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            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
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                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
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                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By 401(K)</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>18.125</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
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            <transactionAmounts>
                <transactionShares>
                    <value>200000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2009-02-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>200000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>16.25</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
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            <transactionAmounts>
                <transactionShares>
                    <value>70000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2011-02-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>70000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>13.80</value>
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                <value>2007-01-29</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionShares>
                    <value>74893</value>
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                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2012-02-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>74893</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>560850</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 6, 2006.</footnote>
        <footnote id="F2">1/3 of the award vested on February 24, 2000, 1/3 of the award vested on February 24, 2001 and 1/3 of the award vested on February 24, 2002.</footnote>
        <footnote id="F3">1/3 of the award vested on February 1, 2002 and 2/3 of the award vested on August 21, 2002 in connection with Lyondell's purchase of Occidental Petroleum Corporation's interest in Equistar Chemicals, LP.</footnote>
        <footnote id="F4">1/3 of the award vested on February 8, 2003, 1/3 of the award vested on February 8, 2004 and 1/3 of the award vested on December 1, 2004 in connection with the acquisition of Millennium Chemicals Inc.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ KERRY A. GALVIN as Attorney In Fact for Dan F. Smith</signatureName>
        <signatureDate>2007-01-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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