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LyondellBasell Announces Sale of Petroken, a Polypropylene Producer in Argentina

Published on 2015-08-19. Author : SpecialChem

HOUSTON and LONDON -- LyondellBasell, one of the world's largest plastics, chemical and refining companies, announced that YPF S.A. and Grupo Inversor Petroquimica S.L. have accepted an offer to purchase LyondellBasell's Argentina-based, wholly-owned subsidiary Petroken Petroquimica Ensenada S.A. (Petroken). The sale is expected to close in late 2015 following Brazilian antitrust authority (CADE) approval. The transaction is valued at USD 145 million on a debt and cash free basis. Based on working capital estimates as of June 30, 2015, expected cash proceeds are $162 million. Petroken operates a 180 kiloton polypropylene plant in Ensenada and is one of the leading polypropylene producers in Argentina.

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Fig. 1: LyondellBasell

"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.

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

About LyondellBasell

LyondellBasell is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500. LyondellBasell manufactures products at 55 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.

Source: LyondellBasell

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