Former Petrochemicals site in Oeiras sold for €12.6M

Former Petrochemicals site in Oeiras sold for €12.6M

A year after the first attempt, Oeiras City Council sold the land where the former Companhia Nacional de Petroquímica operated for 12.69 million euros, according to information provided to ECO by an official source from the municipality.

It should be remembered that on 19 October 2022, Oeiras City Council made a new attempt to sell the land where the former Companhia Nacional de Petroquímica operated, following a lack of participation in the last public auctions.

The municipality sold the land to Índicegeneroso, a company owned by two Chinese partners. Índicegeneroso was the only interested party to close the deal for the minimum amount demanded by the municipality: 12.69 million euros.

Since September 2022, the municipality has held five public auctions, but no bids were submitted. Only on the sixth attempt, after reducing the value by around 2 million euros compared to the initial value (set at 14.52 million euros) and making adjustments to the allocation for construction, did the municipality manage to sell the property.

The Oeiras City Council intends to build housing, commerce and services, and an aparthotel on the land located on the Paço de Arcos road. The land covers an area of 20,000 square metres, where the "vacant buildings of the former Companhia Nacional de Petroquímica and internal access roads" that are "in a poor state of repair" are still located.

The new owner of the land will have paid 10% of the purchase price of the plot and the remainder on the day of the deed, which must be signed within 90 days. Demolition of the vacant buildings and work on the new properties will have to begin within 24 months of the signing of the deed.

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