13 September 2013 20:06 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--The joint venture for vinyl chloride monomer (VCM) production between Mexican petrochemical company Mexichem and Pemex petrochemical business unit PPQ will reduce but not eliminate VCM imports to Mexico, a large US seller said on Friday.
"Mexichem imports about 1m tonnes/year of VCM, and if the Pajaritos plant reaches 100% utilisation, Mexichem will still need to import about 600,000 tonnes/year," the seller said.
The Pajaritos complex is expected to reach a capacity of 400,000 tonnes/year.
The money to be invested in the Pajaritos complex, and Mexichem will increase all products related to the chlorine-vinyl chain, Mexichem has said.
Mexichem announced the creation of the joint venture on 11 September.
The deal was first announced in June 2011 and had been waiting for Pemex board backing since it secured antitrust approval in October 2012.
Mexichem is the largest producer of polyvinyl chloride (PVC) resin in Latin America.
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