The Houston office represented BP in the sale of the global energy company’s petrochemical complex in Decatur, Alabama to Indorama Ventures Public Company Limited. Expected to close early 2016, the deal is part of BP’s restructuring of its petrochemical business. Indorama Ventures’ acquisition includes working capital, infrastructure and some contracts with supplier and customers.
The chemicals from BP’s Decatur petrochemical complex are used to produce many items, including plastic water bottles, flat-screen televisions and ultra-thin data storage tape. At full capacity, the complex can produce more than one million tons per year of purified terephthalic acid (PTA), paraxylene (PX) and naphthalene dicarboxylate (NDC). The transaction included complex issues related to removing the facility from operating in concert with other BP facilities including inventory, logistics, IP, employee and railroad issues.
The Norton Rose Fulbright team, led by energy transactions partner Dan Mark, consisted of senior associates Tony Shih, Scott Brown, Danny Prati and Brenda Hanzl as well as associates Leslie Daniel and Kelley McIlhattan.