19 September 2008 16:53 [Source: ICIS news]
LONDON (ICIS news)--Brazil's newly created Quattor has been catapulted into fourth position in the ranking of Latin America's chemicals companies, according to a new analysis of the region's majors from ICIS Chemical Business.
Quattor was created in June 2008 following a major restructuring of the country's chemicals sector that also bolstered the operations of Braskem, which remains top of the listing.
Braskem continues to dominate Latin America's chemicals sector, with double the revenues of the No. 2 player, Mexico's Pemex Petroquimica.
Three Mexican producers make the top 10: Pemex Petroquimica, the petrochemicals arm of state-owned energy group Pemex Alpek, the petrochemicals subsidiary of industrial group Alfa and vinyls and industrial chemicals major Mexichem.
The development of Mexico's chemical sector has been hampered by restrictions in investments by private companies and in the way Pemex sells petrochemical feedstock, ICB said.
Pemex Petroquimica has been unable to implement its long-awaited Phoenix projects, although reforms are under discussion and the company is promoting a major new ethylene and derivatives project based on a guaranteed long-term supply of raw materials.
Mexichem and Alpek, and their compatriot Idesa, are all said to be interested in Pemex Petroquimica's proposed project.
The ICB Top 10 regional analysis, due to be published on Monday, forms part of the ICIS Top 100 chemical company listing.
|Company name||Sales '07||% Change to '06*||Operating profit '07||% Change to '06*||Net profit '07||% Change to '06*|
|Pemex (petrochemical products)||5,296||92.5||-1,204||n/a||-1,356||-24.5|
|Alpek (Petrochemical business of Alfa)||4,007||17.5||177||-25.6||80||-51.5|
|Quattor (pro forma)||3,536||n/a||-||-||282||n/a|
|Petrobras (petchem operations in Argentina owned by former Petrobras Energia)||973||22.9||29||-43.2||-||-|
|* In local currencies source: company data|
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