Braskem Idesa receives $1.5bn for Mexico Ethylene XXI project

05 August 2013 20:37  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--The Braskem Idesa joint venture received the first $1.5bn (€1.1bn) parcel of a $3.2bn financial package for its Ethylene XXI project in Mexico, the company said on Monday.

The Ethylene XXI complex is expected to include a 1.05m tonne/year ethane cracker; two high density polyethylene (HDPE) plants with capacities of 350,000 tonnes/year and 400,000 tonnes/year; and one 300,000 tonne/year low density polyethylene (LDPE) plant.

Braskem owns a 75% stake in the project, with Mexico-based Grupo Idesa owning the rest.

The complex should begin operations in the second half of 2015.

Seven banks were involved in financing the project, including Nacional Financiera (NAFIN) of Mexico; the Banco Nacional de Comercio Exterior (Bancomext); SACE of Italy; Export Development Canada (EDC); the Inter-American Development Bank; the World Bank's International Finance Corp (IFC); and the Banco Nacional de Desenvolvimento Economico e Social (BNDES) of Brazil.

($1 = €0.75)

By: Leo Siqueira
+1 713 525 2600

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