LyondellBasell sells Argentina-based Petroken $145 million

LyondellBasell sells Argentina-based Petroken for $145 million

6:16 PM, 18th August 2015
LyondellBasell sells Argentina-based Petroken for $145 million

HOUSTON, US/LONDON, UK: LyondellBasell Industries NV said that YPF SA and Grupo Inversor Petroquimica SL have accepted an offer to purchase LyondellBasell’s Argentina-based, wholly-owned subsidiary Petroken Petroquimica Ensenada SA (Petroken), a deal valued at $145 million on a debt and cash free basis. The sale is expected to close in late 2015.

Based on working capital estimates as of 30 June, expected cash proceeds are $162 million. Petroken operates a 180 kilo tonne polypropylene plant in Ensenada and is a leading polypropylene producer in Argentina.

“As part of our long-term growth strategy, we will continue to focus on regions and assets that will have the greatest impact on value-creation for our shareholders,” said Tim Roberts, executive vice president, global olefins and polyolefins, LyondellBasell.

Until closing, Petroken will continue to provide the same level of support, service and high quality products to its customers, it said.

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