LyondellBasell receives offer for mothballed French refinery

PARIS Wed Mar 26, 2014 5:12pm EDT

General view of the refinery of US chemicals group LyondellBasell in Berre, near Marseille, September 29, 2011. REUTERS/Jean-Paul Pelissier

General view of the refinery of US chemicals group LyondellBasell in Berre, near Marseille, September 29, 2011.

Credit: Reuters/Jean-Paul Pelissier

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PARIS (Reuters) - Monaco-based oil products trading company Sotragem has made an offer to buy LyondellBasell's (LYB.N) mothballed Berre refinery in southeastern France, the company said on Wednesday.

Sotragem declined to say how much the offer was worth, but French industry minister Arnaud Montebourg said in a statement that it included plans for 400 million euros ($551.4 million) of investment in the plant over three years, which he said could lead to the creation of more than 200 jobs.

LyondellBasell mothballed the refinery in January 2012, having failed to find a buyer since putting it up for sale in May 2011.

If the deal goes through, it would run against the recent trend of European refinery closures in the face of vast overcapacity.

($1 = 0.7254 Euros)

(Reporting by Leigh Thomas; Editing by Maya Nikolaeva and David Goodman)

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