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LyondellBasell ends talks to sell French refinery

04.17.2014  |  HP News

LyondellBasell said Sotragem's recent bid for the 105,000 bpd Berre refinery lacked acceptable commercial terms and showed no guarantee of a restart of the idled refinery.

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LyondellBasell has ended talks to sell its 105,000 bpd Berre refinery in southeastern France to Monoco-based Sotragem, officials confirmed on Thursday.

The Berre refinery has been mothballed since January 2012 after LyondellBasell failed to find a buyer. The company originally put the refinery up for sale in May 2011.

LyondellBasell said in a statement that Sotragem's bid did not offer acceptable commercial terms and showed no guarantee of a restart of the refinery.

"LyondellBasell therefore decided to put an end to negotiations with Sotragem SAM," the company said in a statement.

LyondellBasell added that it remains committed to its core business operations at the Berre petrochemical cluster. Over the past two years, the company said it implemented several projects to enhance the competitiveness of its Berre cracker and downstream operations



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Jean-Luc Rouby
04.19.2014

Since 2011 LyondellBasell does not want to sell the refinery, they want to close the refinery as they first decided in september 2011. At that time, there were forced (workers went on strike) to mothball the refinery.
Since 2011, they changed the property of 17 tanks plus all LPG spheres from the refinery to the steamcracker. Hence the remaining refinery asset offered for sale was dificult to operate. Also process catalysts were sold.
SOTRAGEM offer was fair in this context.
LyondellBasell is now facing extremly high depollution costs (hundreds of millions$).

sunkanmi Jimoh
04.19.2014

For how long will a refinery be under nitrogen blanket before gradual loss of mechanical integrity. Cost benefits snalysis will have to come in for sound decisions.

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