LyondellBasell finds no buyers Berre, France refinery

LyondellBasell finds no buyers for Berre, France refinery

2:27 AM, 27th September 2011
LyondellBasell finds no buyers for Berre, France refinery

 

ROTTERDAM, THE NETHERLANDS: LyondellBasell announced that the sales offering for the 105,000 barrels-per-day refinery in Berre, France has resulted in no offer to purchase the refinery. As a result, Compagnie Petrochimique de Berre SAS (CPB), the refinery operator, intends to initiate consultations with its works councils, as defined under French law, on a project to cease refinery operations.

“We reached out to 85 entities throughout the world with assistance of Barclays Capital and Invest in France Agency (AFII), unfortunately not a single bid was received for the refinery,” said Jean Gadbois, General Manager, Berre site, LyondellBasell. 

“Despite efforts, the refinery continues to suffer severe losses and remains unprofitable. With no viable prospects for a buyer of the refinery, we intend to initiate the consultation process regarding the contemplated closure of refinery operations. We intend to focus our resources on the core petrochemical assets at Berre,” said Gadbois.

Approximately 370 jobs would be impacted by this project to cease refinery operations. The continuation of the petrochemical operations at Berre would preserve approximately 900 jobs at the Berre site. The potential closure would not affect depot operations or the petrochemical plants and third-party facilities at Berre. 

The required consultation with the works councils in France is expected to begin in October.

(C) WOC News

 

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