LyondellBasell: Houston Refinery Ops Normal Despite Bankruptcy
January 15, 2009
Operations at Lyondell's Houston refinery are not impacted by the recent filing for bankruptcy by Lyondell Chemical Co, a spokesman for the company said on Thursday.
"We continue to operate our business normally," said David Harpole, a spokesman for the company.
Last week, the company received access to $2 billion in interim debtor-in-possession financing and an emergency $100 million loan to allow key units of parent company, LyondellBasell, the world's third-largest maker of petrochemical products, to keep operating.
Basell bought the 270,000 barrel per day refinery in Houston, Texas, in late 2007, when it bought the Lyondell Chemical Co.
Traders said they have seen no impact on operations and the flow of product out of the refinery since the filing.
"We have valid long-term crude supply contracts, so supply won't be an issue," said Harpole.
LyondellBasell Industries, whose products range from fuels to chemicals and plastics, is owned by Russian-born billionaire Len Blavatnik through New York-based Access Industries and is based in the Netherlands.
Its U.S. units filed for bankruptcy protection on Jan. 6.
Source: AFX News Limited
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