By: ICN Bureau
Last updated : March 06, 2018 8:18 pm
LyondellBasell today announced its intention to seek a buyer for the 105,000 barrels-per-day refinery at Berre, France operated by its subsidiary, Compagnie Petrochimique de Berre S.A.S (CPB). An investment banking firm will be retained to assist wit
LyondellBasell today announced its intention to
seek a buyer for the 105,000 barrels-per-day refinery at Berre, France operated
by its subsidiary, Compagnie Petrochimique de Berre S.A.S (CPB). An investment
banking firm will be retained to assist with the sales offering..
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, General Manager of the
Berre site..
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.