Basell acquires Repsol stake in Argentinian PP JV

Petroken Petroquimica Ensenada, Argentina's largest polypropylene producer operates an 180,000 mta PP plant in Ensenada, a port outside Buenos Aires. Spains Repsol YPF has sold its 50% stake in Petroken to JV partner and Basell subsidiary, Basell Ibericas Peliolefinas Holdings. The deal, concluded at US$58-million, is Repsol's second petrochemical asset sale this year. Earlir this year, the company sold its 28% stake in PBBPolisur, Argentinas biggest ethylene and polyethylene producer, to JV partner Dow Chemical. Repsol plans to divest minority shareholdings in Argentina to focus investment on assets it controls. Argentina's economy is expected to expand 5.8% this year, after recording 9% growth 2004, with strong exports driving demand for plastics in building materials, automobiles, packaging, household articles, home appliances and toys.
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