LyondellBasell, Houston, has completed the sale of its wholly owned subsidiary Petroken Petroquimica Ensenada SA (Petroken), which operates a 180,000-tonne/year polypropylene plant in the port city of Ensenada, 50 km southeast of Buenos Aires.
Grupo Inversor Petroquimica SL (GIP), Madrid, purchased LyondellBasell’s 100% interest in Petroken for $184 million, LyondellBasell said on Feb. 5.
Upon announcing the proposed transaction last year, LyondellBasell initially planned to sell Petroken to both GIP and YPF SA, Buenos Aires, for about $162 million (OGJ Online, Aug. 18, 2015).
YPF’s role in the deal, however, ended in December 2015, the company said in filings to the Buenos Aires Stock Exchange and US Securities and Exchange Commission on Dec. 2, 2015.
Contact Robert Brelsford at [email protected].