ROTTERDAM, Netherlands, May 31, 2011 /PRNewswire/ -- 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.
LyondellBasell (NYSE: LYB) is one of the world's largest plastics, chemical and refining companies. The company manufactures products at 58 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels. More information about LyondellBasell can be found at www.lyondellbasell.com.
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SOURCE LyondellBasell Industries