08 November 2009 23:42 [Source: ICIS news]
MEXICO CITY (ICIS news)--Braskem and Idesa are pushing on with plans to build a $2.5bn-3.0bn (€1.7-2.0bn) ethylene and polyethylene (PE) complex in Mexico after securing a feedstock supply contract from Pemex, Idesa’s chief executive said on Sunday (see video below).
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The project, named Ethylene XXI, is scheduled to start up in 2015.
But both companies have decided not to proceed at this stage, Uriegas said.
The 20-year ethane supply contract is based on a competitive formula, he said. “It’s not as competitive as the Middle East, but it’s very competitive in the region.”
Braskem and Idesa now need to determine the structure of the joint venture and decide which PE grades the complex should produce, Uriegas said.
“We will be working in detail on the technology for the cracker and PE plants,” he added.
Braskem is expected to have a larger stake in the project than Idesa, taking into account Braskem’s size and expertise in polyolefins, said Uriegas.
Pemex might also hold a minority stake, he added.
The Ethylene XXI project was originally conceived in a different form than the defunct “
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