YPF and Grupo Inversor Petroquimica SL have acquired LyondellBasell’s Argentina-based, wholly-owned subsidiary Petroken Petroquimica Ensenada in a deal worth about $ 145 million. Petroken operates a 180 kiloton polypropylene (PP) plant in Ensenada and is a leading polypropylene producer in Argentina.
The sale is expected to close in late 2015 following Brazilian antitrust authority (CADE) approval.
"As part of our long-term growth strategy, we will continue to focus on regions and assets that will have the greatest impact on value-creation for our shareholders," said Tim Roberts, executive vice president, global olefins and polyolefins, LyondellBasell, one of the world's largest plastics, chemical and refining companies.
Petroken's polypropylene plant, having production capacity of 1,80,000 metric tonne per annum, is located at Ensenada in Buenos Aires province and is adjacent to YPF's La Plata petchems and refining complex.
