Lyondell sees unit sale proceedings, refinery impact
Thu Jan 25, 2007 12:19pm ET
NEW YORK, Jan 25 (Reuters) - Lyondell Chemical Co. said on Thursday it was proceeding with the potential sale of its inorganic titanium dioxide chemicals business and had narrowed the list of possible buyers.
"We have narrowed the group of bidders to between 5 and 10 participants including both strategic and financial buyers, and we are currently awaiting binding offers," Kevin DeNicola, chief financial officer, told a conference call.
"I will add that the process is meeting our expectations and we expect the decisions be made in the coming weeks."
DeNicola also said the company expected the maintenance at its 283,000 barrel-per-day refinery in Houston that is expected to be completed in late February would cut its quarterly crude rates by 53,000 barrels per day and trim first-quarter earnings by about $120 million.
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