Argentina's YPF Will Pay US$122 Million For Petrochemical Stakes

Argentina's state-run energy firm YPF will pay about $122 million for stakes in two locally based petrochemical companies as part of its growth strategy to add value to locally produced crude oil, the company said on Aug. 18.

YPF said it would buy a 50 percent stake in Petroken, which is wholly owned by LyondellBasell, and a 46 percent share in Petrocuyo in deals expected to be finalized before the end of the year.

A second Argentine firm, Grupo Inversor Petroquimico (GIP), will buy the remaining 50 percent stake in Petroken, LyondellBasell said in a separate statement.

LyondellBasell, one of the world's largest plastics, chemical and refining companies, said it had accepted an offer from YPF and GIP for Petroken totaling $145 million.