UpdateUS Sunoco to sell its last chem complex with phenol deal

16 August 2011 22:49  [Source: ICIS news]

Sunoco Haverhill complex(adds paragraph 1, 5, 10-11)

HOUSTON (ICIS)--Sunoco's planned sale of its phenol complex to a conglomerate will leave it with no stand-alone chemical complexes, the US-based refiner said on Tuesday.

Sunoco has reached an agreement to sell its phenol plant in Haverhill, Ohio, to an affiliate of Goradia Capital, a conglomerate with other petrochemical holdings.

The purchase price will be $106.5m (€73.5m), Sunoco said.

The plant has a phenol capacity of 306,000 tonnes/year and an acetone capacity of 173,000 tonnes/year, according to ICIS plants and projects.

Haverhill's 110,000 tonne/year bisphenol A (BPA) unit is also included in the sale to Goradia.

"The sale of the Haverhill manufacturing facility continues our efforts to unlock value for shareholders by divesting certain non-core assets and completes our exit from the chemicals business," according to a statement by Lynn Elsenhans, Sunoco's chief executive. "We appreciate the years of service that the employees at Haverhill have given Sunoco."

The plant will be owned by Haverhill Chemical, an affiliate of Goradia. The head of Haverhill Chemical will be Alberto Spera.

Other Goradia affiliates include Vinmar International, a polymer and petrochemical marketer.

Earlier this year, Sunoco agreed to sell its 1bn lb/year (450,00 tonne/year) phenol and acetone plant in Philadelphia for about $85m.

In April, Sunoco closed on the $350m sale of its polypropylene (PP) business to Braskem.

Sunoco still owns two refineries in Marcus Hook, Pennsylvania, and Philadelphia, Pennsylvania. The Philadelphia refinery also includes a 545,000 tonne/year cumene unit.

($1 = €0.69)

For more on Sunoco's plants, visit ICIS plants and projects
For more on acetone, cumene, phenol and PP visit ICIS chemical intelligence

By: Al Greenwood
+1 713 525 2645

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