MOSCOW (MRC) -- Alpek, S.A.B. de C.V. has announced that it obtained all necessary corporate approvals to acquire 100% of PetroquimicaSuape and Citepe from Petrobras for USD385 MM, as per Hydrocarbonprocessing.
This amount is payable on the closing date for the two companies on a debt-free basis, and is subject to adjustments in working capital, among others.
The closing of this transaction is still dependent on several conditions precedent, including approval by the Administrative Council for Economic Defense (CADE) in Brazil.
On March 27, Petrobras announced that its Shareholders’ Extraordinary General Meeting approved the sale of PetroquimicaSuape and Citepe to Alpek.
Petroquimica Suape and Citepe operate an integrated PTA-PET facility in Ipojuca, Pernambuco, Brazil with an installed capacity of 640 Mtpy and 450 Mtpy PTA and PET, respectively. Citepe also operates a 90 Mtpy texturized polyester filament plant on site.
As MRC wrote before, in late December 2016m, Petrobras said its board had approved the sale of two petrochemical companies, Petroquimica Suape and Citepe, to Mexico's Alpek SAB de CV for USD385 million.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
Alpek is the petrochemicals unit of Mexican conglomerate Alfa.
MRC