US Sunoco closes on phenol plant sale to private-equity firm

02 November 2011 22:40  [Source: ICIS news]

HOUSTON (ICIS)--Sunoco closed on the $106.5m (€77.7m) sale of its phenol plant to Haverhill Chemicals, a subsidiary of Goradia Capital, the US-based fuel retailer said on Wednesday.

The plant in Haverhill, Ohio, has a capacity of 306,000 tonnes/year of phenol; 173,000 tonnes/year of acetone; and 110,000 tonne/year of bisphenol A (BPA), according to ICIS plants and projects.

Earlier this year, Goradia told ICIS that it plans to initially run the plant the same way Sunoco did.

The Haverhill purchase will add to Goradia's chemical holdings. The company also owns Vinmar International, a polymer and petrochemical marketer.

The Haverhill sale comes as Sunoco is exiting both the chemical and refining business.

Earlier this year, Sunoco agreed to sell to Honeywell 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 has also begun the process of selling its 335,000 bbl/day Philadelphia and 178,000 bbl/day Marcus Hook refineries in Pennsylvania.

If completed, the sales will make Sunoco mainly a fuel retailer and logistics company.

($1 = €0.73)

For more on phenol visit ICIS chemical intelligence
For more on the Haverhill phenol plant, visit ICIS plants and projects

By: Al Greenwood
+1 713 525 2645

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