21 May 2012 17:50 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Braskem Idesa, a joint venture between Brazil-based Braskem and Mexico’s Idesa, received International Finance Corp (IFC) approval for a $300m (€234m) loan to help finance the Ethylene XXI project in Mexico, the company said on Monday.
IFC, which is part of the World Bank Group, approved a loan for the amount of $300m to finance construction, Braskem Idesa said.
The newest loan, in conjunction with a $300m loan already approved by the Inter-American Development Bank (IDB) in April, will be part of a type “A Loan” for a total amount of $600m, the company said.
The project also received the environmental impact statement assessment (EISA) by the Mexican Ministry of Environmental and Natural Resources (SEMARNAT), which shows compliance with all the environmental regulations and allowing the start of the civil and electromechanical construction, the company said.
Construction started on 18 May and is on schedule, according to the company.
Located in the Nanchital region of Mexico’s Veracruz state, the Ethylene XXI project comprises an integrated ethane cracker and polyethylene (PE) units. The cracker will be based on Technip technology and have a 1.05m tonne/year capacity.
Planned downstream production includes two high density polyethylene (HDPE) plants with capacities of 350,000 and 400,000 tonnes/year and one 300,000 tonne/year low density polyethylene (LDPE) plant. INEOS is providing the HDPE technology, while LyondellBasell is providing the LDPE technology.
PE is a key input in the manufacture of a wide range of products from the following industries: construction, automotive, electronics, homo electronics, agriculture, food and beverage and packaging.
($1 = €0.78)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|