Brazil Braskem mulls new project with Pequiven

26 May 2009 20:50  [Source: ICIS news]

HOUSTON (ICIS news)--Brazilian petrochemicals maker Braskem is considering a joint venture with Venezuela’s Pequiven to build a new petrochemical plant in Brazil, the company confirmed on Tuesday.

News of the possible partnership emerged the same day Venezuela signed an agreement laying out the timetable for its admission into the Mercosur trade group, of which Brazil is a leading member.

“Braskem has signed a memorandum with Pequiven to assess opportunities at the Camacari petrochemical hub in Bahia,” a Braskem spokesperson said in Portuguese.

“There is nothing beyond that at this point,” the official said.

Braskem has two ongoing projects with Pequiven in Venezuela, including a 450,000 tonne/year polypropylene (PP) plant and a 1.3m tonne/year ethylene unit.

The PP plant is scheduled to be operational in 2011. The cracker was initially planned to start operating in 2012, but Braskem recently said the project is behind schedule.

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By: William Lemos
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