Brazil's Petrobras concludes $435 mln petrochemical asset sale
SAO PAULO, (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras) concluded the sale of petrochemical assets for $435 million to Mexican petrochemicals company Alpek, it said in a statement.
Petrobras said it sold its stakes in Companhia Petroquímica de Pernambuco and Companhia Integrada Têxtil de Pernambuco in line with a previously announced decision to divest itself from certain businesses and exit petrochemical operations.
(Reporting by Ana Mano Editing by Daniel Flynn)
Alpek completed the acquisition of Petroquímica Suape and Citepe
Monterrey, Mexico. – Alpek, S.A.B. de C.V. (“Alpek”) announced that it completed the acquisition of Companhia Petroquímica de Pernambuco (“Petroquímica Suape”) and Companhia Integrada Têxtil de Pernambuco (“Citepe”) from Petróleo Brasileiro S.A. (“Petrobras”) through two of its wholly-owned subsidiaries.
Pursuant to the purchase agreement, Alpek acquired Petrobras’ 100% stake in the two companies on a debt-free basis for a total amount of U.S. $435 million. The U.S.$385 million agreed upon price was adjusted due to higher working capital and cash balances, plus dollar-denominated inflation, among others.
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 640 and 450 thousand tons per year PTA and PET, respectively.
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