LyondellBasell announced that YPF S.A. and Grupo Inversor Petroquimica S.L. have accepted an offer to purchase LyondellBasell’s wholly-owned subsidiary Petroken. It operates a 180 kiloton polypropylene plant in Ensenada, Buenos Aires, and is a leading polypropylene producer in Argentina. The supply of raw material to Petroken is secured through long-term contracts with YPF S.A., Shell CAPSA, and major raw material suppliers in Argentina.
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.
- LyondellBasell Industries, Rotterdam, The Netherlands
- YPF S.A (Yacimientos Petrolíferos Fiscales)., Buenos Aires, Argentina
- Grupo Inversor Petroquimica S.L., Madrid, Spain
- Petroken Petroquimica Ensenada S.A. (Petroken), Ciudad De Buenos Aires, Argentinia