LyondellBasell to sell French refinery LyondellBasell to sell French refinery because it hasn’t fulfilled financial projections
The Associated Press, On Tuesday May 31, 2011, 7:31 am EDT Dutch chemical company LyondellBasell said Tuesday it plans to sell a French refinery because the refinery hasn’t fulfilled the company’s financial expectations for the operation. LyondellBasell didn’t say how much it would ask for the Berre, France refinery. It expects to retain an investment banking firm to assist with the sale. The refinery was acquired in 2008 under the company’s former management.
The company said it will hold on to the chemical assets at the site, including a petrochemical plant and polypropylene and polyethylene plants that are owned and operated by a subsidiary.
Here is news item about Lyondell’s Berre’s joining pack up for selling refineries -I just saw an email on recap of other EU Refineries for sale. Which I will post as well.
Don’t guess Lyondell folks realize doesn’t pay to sell refinery for not meeting “forecast” goals in really bad market or when market is saturated with dozens of other plants on sale!
I wonder if EU / EU oil majors understand how screwed they are going to be ceeding over all expansion & future supply/demand to Russians, Chinese, Indians & few countries like Spain holding out future growth?