Braskem to receive $15m grant for US splitter acquisition

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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By: William Lemos
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