Venezuela president Hugo Chavez died

05 March 2013 22:58  [Source: ICIS news]

HOUSTON (ICIS)--Venezuela's president Hugo Chavez has died, just months after being re-elected for a fourth term, the country's vice president announced on Tuesday during a televised speech.

The vice president, Nicolas Maduro, will now take temporary charge before new elections are held, which the constitution calls for within 30 days.

Maduro could face Henrique Capriles, whom Chavez beat during October's election.

Chavez had been battling cancer, and had recently returned to Venezuela after receiving treatment in Havana.

Earlier in the day, the government of Venezuela said that Chavez was fighting a new respiratory infection.

Chavez's death comes as Venezuela struggles with plastics shortages, despite its massive hydrocarbon reserves.

A large devaulation of the country's currency caused worries among Venezuela's polyethylene (PE) and polypropylene (PP) transformers, who rely on imports for some of their supplies.

In 2011, Pequiven announced plans to nearly triple its resin nameplate capacity to 1.86m tonnes/year from 694,000 tonnes/year by 2016.

However, it is unclear how the company would add so much capacity, given feedstock, power and financing constraints.

By: Al Greenwood
+1 713 525 2645

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