Basell makes acquisition offer for Shell's Oil Refinery and Petrochemical Plant in France

Basell has made an offer to buy the Shell oil refinery and associated infrastructure and businesses at the Berre l'Etang petrochemical complex in France at an agreed purchase price of US$700 mln. Subject to staff council consultation, review and approval from regulatory authorities and agreement on the sale and purchase documents, the transaction is expected to close early 2008. Acquisition of the refinery provides a further backward integration of Basell's activities at the Berre site - one of our core European sites. Shell refinery's products include naphtha, liquefied petroleum gas (LPG), fuels for a variety of applications, bitumen and heating oil. These products play an important role in support of Basell Polyolefins European business and the acquisition will enable simplification of existing interfaces and facilitate effective operations. Basell is currently the largest customer of the Shell refinery, on account of its world-scale polypropylene and polyethylene plants, a steam cracker and butadiene extraction unit at the same site and a polyethylene plant at nearby Fos sur Mer.
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