LBC PetroUnited to acquire Celanese's Bayport terminal
The purchase, which is expected to be completed by July 1, is subject to execution of definitive agreements, receipt of regulatory approvals and other conditions.
Upon completion of the acquisition, the Celanese terminal is expected to be substantially integrated into LBC PetroUnited's adjacent Bayport terminal operations. The Celanese terminal would continue to serve Celanese's Houston-area chemicals storage needs, including those of Celanese's major chemical production facility in Clear Lake, TX, which is linked to the Bayport terminal by pipeline. As part of the transaction, LBC PetroUnited and Celanese would enter into a long-term service agreement for this purpose.
"We look forward to concluding the acquisition of the Celanese Bayport terminal and to meeting Celanese's Houston-area chemical storage needs with the most efficient and competitive service in the area by our award-winning Bayport terminal team," says Michael S. McKinney, president and COO of LBC PetroUnited. "Our parent company, LBC, values this acquisition as yet another significant step in its continued program of strengthening its position as a world leader in the chemical storage business."
"The sale of the Bayport Terminal is part of the company's strategy to focus more intensively on our core competencies and businesses," explains Rick Shaw, president, Acetyl Products and Chemicals - Americas. "We are a leading global manufacturer and marketer of chemicals, and we want to put all our efforts into maximizing our strengths in these areas."
LBC PetroUnited owns and operates major bulk liquids storage terminals located at Bayport (Houston), TX, and on the Mississippi River near Baton Rouge, LA. It is the U.S. subsidiary of LBC, S.A., a French company and a member of the Fimalac group of companies. LBC operates petrochemical storage facilities in Europe and the U.S., and, with 12 facilities and storage capacity totaling over 12 million barrels, is a leading player in the European and American petrochemical storage markets.
Celanese Chemicals, a business of Celanese AG, manufactures and markets petrochemicals throughout the world. With about 7,000 employees, Celanese Chemicals is the world's number one or two producer in most of its products, which are important building blocks in making paints and coatings, textile products, plastics and adhesives.
Edited by David Nakamura