TPG, Sinopec never considered LyondellBasell bid -source

Wednesday November 25, 2009 12:28:04 AM GMT

SINOPEC-TPG/ (URGENT)

HONG KONG, Nov 25 (Reuters) - Asia's top oil refiner China Petroleum and Chemical Corp and U.S. private equity firm TPG have not considered a bid to buy bankrupt chemical company LyondellBasell Industries, said a source close to the situation on Wednesday.

"That's completely incorrect," said the source, commenting on a Bloomberg report that the oil refiner and the U.S. private equity firm had weighed a bid for LyondellBasell.

A spokesman for Sinopec, the publicly listed unit of China Petroleum, denied that his company had ever considered such a bid.

It was not immediately clear whether the Bloomberg report referred to publicly listed Sinopec or its state-owned parent. (Reporting by Alison Lui and George Chen; Editing by Chris Lewis) ((donald.durfee@thomsonreuters.com; +852 2843-1649; Reuters Messaging: donald.durfee.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))

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