LyondellBasell Unable to Sell Refinery
Chemical maker LyondellBasell said Tuesday that it was unable to find a buyer for its refinery in Berre, France, so it will likely be shut down.
Compagnie Petrochimique de Berre SAS, which operates the refinery operator, plans to start talks with labor leaders next month, as required under French law, in order to shut down the 105,000 barrels-per-day refinery, LyondellBasell said.
The company said it enlisted the help of investment banks to reach out to 85 entities across the world, but did not receive a single bid for the refinery, which remains unprofitable. As a result, LyondellBasell said it wants to close the refinery and focus on its core petrochemical assets at the site.
The closure of the refinery will eliminate about 370 jobs, while the continuation of petrochemical operations at Berre would preserve about 900 jobs.
The petrochemical assets at Berre include a steam cracker and world-scale polypropylene and polyethylene plants, LyondellBasell said.