LyondellBasell to seek buyer for Berre, France refinery

12:14 PM, 17th June 2011

ROTTERDAM, NETHERLANDS: Lyondell Basell intends to seek a buyer for the 105,000 barrel-per-day refinery at Berre, France operated by its subsidiary, compagnie Petrochimique de Berre SAS (CPB). The refinery, acquired in 2008 by LyondellBasell’s former management, has not fulfilled economic projections made at the time of the acquisition.

“Divesting the refinery would help us to focus on our core petrochemical assets at Berre. We will move diligently and expeditiously to prepare an offering memorandum for interested bidders,” said Jean Gadbois, GM,Berre site, Lyondell Basell.

The Berre site also has a steam cracker and world-scale polypropylene and polyethylene plants that are owned and operated by a subsidiary of LyondellBasell. The company is not looking to sell the olefins and polyolefins units at Berre.

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