14 December 2007 00:12 [Source: ICIS news]
HOUSTON (ICIS news)--?xml:namespace>
Prolipropileno del Sur (Propilsur) will build a 450,000 tonnes/year polypropylene (PP) plant to start up in the second half of 2010. The plant will be integrated into a propane dehydrogenation unit, providing the project with greater integration and operational flexibility. The total investment in the project is estimated at about $900m.
Polietilenos de America (Polimerica) will build a natural gas-fed cracker with capacity of 1.3 m tonnes/year. The cracker will be combined with the production of 1.1m tonnes/year of polyethylene (PE), which will be produced in three industrial plants - high density polyethylene (HDPE), low density polyethylene (LDPE) and low linear density polyethylene (LLDPE). The project has an estimated cost of $2.6bn and operational startup scheduled for the second half of 2012.
Based on the shareholders' agreement signed on Thursday, the companies will be equally controlled by Braskem and Pequiven.
A hired financial advisor, not named in the statement, has already started contacting multilateral organisations, export credit agencies, development banks and private banks to structure the financing for 70% of the total investment through project finance and the remaining 30% through transfers in equal proportions by the partners.
($1.00 = €0.68)
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