12 July 2002 08:24 [Source: ICIS news]
SINGAPORE (CNI)—Kumho Petrochemical hopes to close the sale of its heat and power plant which supplies electricity to the group's 200 000 tonne/year polybutadiene rubber (PBR) plant at Yosu, South Korea, before the end of this year, a company spokesman told CNI on Friday.
The company was in negotiations with two foreign companies for the sale of the power plant last year to aid its ongoing restructuring plan.
However, the sale was delayed, as Kumho did not get the price it wanted for the plant, the spokesman said.
He declined to reveal the identity of the parties involved in the current negotiations.
The spokesman said it was still undecided whether Kumho would fully sell its stake in the plant or enter into a joint venture agreement with interested foreign parties. He said the PBR plant at Yosu, which was run by affiliate Kumho Chemical, would continue to be powered by the plant after the sale, which should be completed by the end of this year.
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