LyondellBasell will seek sale of France refinery, turns site focus to petrochemicals
LyondellBasell is attempting to sell its 105,000 bpd refinery at Berre, France, as part of a plan to focus on petrochemical assets at that location.
An investment banking firm will be retained to assist with the sales offering, the company said.
The refinery, acquired in 2008 by LyondellBasell's former management, has fallen short of economic projections made at the time of the acquisition, it said.
"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, it said.
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