LyondellBasell LYB, one of the world's largest plastics, chemical and refining companies,
today 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 $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 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.
Until closing, Petroken will continue to provide the same level of support,
service and high quality products to its customers.
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