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Basell Has Acquired Ownership of 50% of Argentina’s Petroken Petroquimica Ensenada

Sep 12 2005

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Basell has acquired ownership of the 50% portion of Argentina’s Petroken Petroquimica Ensenada that was formerly held by its partner in the joint venture, Repsol YPF.

“We are very pleased that we have expanded our investment in Argentina, which is in line with our ongoing portfolio management in South America and will allow us to build upon our business activities in this key growth region,” said Manuel Fraga, senior vice president of Basell International. “

Petroken operates a 180 KT per year polypropylene plant, a 20 KT per year compounding facility and a propylene splitter in Ensenada. The acquisition will have no impact on Petroken’s operations, its leadership or its staffing.

http://www.basell.com

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