Braskem Bolivia project still on ice - executive

26 March 2008 22:11  [Source: ICIS news]

HOUSTON (ICIS news)--Political instability in Bolivia continues to squelch plans to build a new petrochemical facility using natural gas feedstock from Brazil's neighbor, an executive from Latin America's largest petrochemical producer Braskem said on Wednesday.

"We have not finalised discussions of natural gas with Bolivia," said Manoel Carnauba Cortez, vice president of the basic petrochemicals unit at Braskem. "The political situation in Bolivia is not easy."

Heads of state from Brazil and Bolivia had signed a letter of intent for up to $1bn (€640m) in natural gas investments, renewing interest among industry observers in Braskem's previously-announced desire to build a facility with the scale to take advantage of growth in the region and Bolivia's abundant below-ground gas reserves.

Carnauba spoke at the DeWitt World Petrochemical Review, held in Houston by DeWitt & Co.

A Braskem project with Venezuela's Pequiven, however, is going as scheduled, he said. The timing of that venture is scheduled to match growing demand.

Braskem is based in Sao Paulo, Brazil.

($1 = €0.64)

By: Al Greenwood
+1 713 525 2645

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