11 July 2012 20:58 [Source: ICIS news]
HOUSTON (ICIS)--Braskem will receive $15m (€12.3m) in state support for its acquisition of a propylene splitter at a mothballed refinery in Pennsylvania, state governor Tom Corbett said on Wednesday.
Financial support is contingent upon the Brazilian company investing at least $56m at the site, creating 28 full-time jobs and retaining 119 direct and contracted employees for a minimum of five years, Corbett said in a statement.
Additionally, the company is required to retain 90 jobs at its Philadelphia headquarters and 10 jobs at a technology centre in Pittsburgh.
Braskem announced the purchase of the splitter at Sunoco's shuttered Marcus Hook refinery last week.
No financial details were disclosed. The 178,000 bbl/day refinery was shut down in December 2011 because of poor economics.
A splitter uses refinery-grade propylene (RGP) to make higher-purity polymer-grade propylene (PGP), which is used as a feedstock for PP production.
Braskem acquired Sunoco's PP assets in 2010 for $350m.
The sale included Sunoco facilities in Pennsylvania, Texas and West Virginia.
($1 = €0.82)For more on Braskem’s plants visit ICIS plants and projects
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