Repsol
YPF has reached an agreement with the British company, Petrochem UK Ltd., for
the sale of Carless Refining & Marketing (a UK based company which produces
and distributes solvents and special products), as part of the divestment plan
drawn up by Repsol YPF following Repsol�s acquisition of the Argentine company,
YPF, last year.
This deal will be
submitted to the legal process of due diligence, and is expected to reach formal
completion within five weeks.
CRM has as its main assets the
Harwich refinery, producing specialties, and the Longport and Accrington
terminals.
During the deal, Repsol YPF was assessed by Arthur
Andersen, and Petrochem by KPMG Corporate
Finance.
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