International. LyondellBasell and Grupo Inversor Petroquímica SL have accepted an offer to purchase LyondellBasell's Argentina-based and wholly-owned subsidiary: Petroken Petroquímica Ensenada SA (Petroken).
The sale is expected to close at the end of 2015 following approval by the Brazilian Antitrust Authority (CADE). The transaction is valued at US$145 million. Based on working capital estimates as of June 30, 2015, expected cash income is $162 million. Petroken operates a 180-kiloton polypropylene plant in Ensenada and is one of the leading producers of polypropylene in Argentina.
"As part of our long-term growth strategy, we will continue to focus on the regions and assets that will have the greatest impact on creating value for our shareholders," said Tim Roberts, executive vice president, Global Olefins and Polyolefins.
