08 October 2010 21:20 [Source: ICIS news]
By Joseph Chang
NEW YORK (ICIS)--The Braskem Idesa joint venture to build a $2.5bn (€1.8bn) petrochemical and polymers project in Mexico has an “open invitation” to Mexico’s state-owned energy giant Petroleos Mexicanos (Pemex) to take a minority stake, the CEO of Mexico’s Grupo Idesa said on Friday.
“We sent a formal invitation for Pemex to take a stake in the project early this year,” Idesa CEO Jose Luis Uriegas said in an interview with ICIS.
“We don’t have a response yet, but we have an open invitation,” he continued. “There’s no rush.
“It will not be more than a 10% stake. Pemex will be coming back to us in the coming months.”
While Idesa would welcome Pemex as a minority partner in the project, Uriegas said the construction did not depend on Pemex taking a stake.
“This project is going ahead. We would like Pemex as a partner if that’s what they wish, but it is not a critical aspect,” said Uriegas.
In November 2009, Pemex announced that it had agreed to provide 66,000 bbl/day of ethane feedstock to the project.
The project, also known as Mexico’s Ethylene XXI project, is comprised of a 1m tonne/year ethylene cracker and polyethylene (PE) plants with a capacity of 1m tonnes. The previously planned breakdown of 450,000 tonnes of high-density PE (HDPE), 350,000 tonnes of linear low-density PE (LLDPE) and 200,000 tonnes of low-density PE (LDPE) has yet to be finalised.
Uriegas said the project remained on track to start up in early 2015.
Braskem Idesa was officially launched in April, with Braskem having a 65% stake and Idesa 35%.
($1 = €0.72)
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