LyondellBasell announced that YPF S.A. and Grupo Inversor Petroquimica S.L. has accepted an offer to purchase LyondellBasell's Argentina-based, wholly-owned subsidiary Petroken Petroquimica Ensenada S.A. (Petroken). The sale is expected to close in late 2015 following Brazilian antitrust authority (CADE) approval. The transaction is valued at US$145 million on a debt and cash free basis. Based on working capital estimates as of June 30, 2015, expected cash proceeds are US$162 mln. Petroken operates a 180,000 ton polypropylene plant in Ensenada and is a leading polypropylene producer in Argentina.
"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.
19-Aug-15 
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