Venezuela plans to invest $4bn to boost plastic resin production

16 September 2013 21:14  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Venezuelan petrochemicals producer Pequiven plans to invest some $4bn (€3bn) in a string of construction projects aimed at increasing production of plastic resins and guaranteeing supply to domestic producers, the company said on Monday.

Projects in the pipeline include the construction of the 800,000 tonne/year Olefins III plant, a 300,000 tonne/year high-density polyethylene (HDPE) plant and a 300,000 tonne/year low-density polyethylene (LDPE) plant, the company said.

Other proposals include a 37,000 tonne/year biaxially oriented polypropylene (BOPP) plant, a 240,000 tonne/year polyethylene terephthalate (PET) plant and a 460,000 tonne/year homopolymer and copolymer plant.

Pequiven, a subsidiary of state-run oil company PDVSA, said that the plastics processing sector had grown by 100% in the last five years, compelling the company to “make important investments to meet resin demand and support development of this important sector”.

The new facilities would be built at the Ana Maria Campos petrochemical complex in the northern state of Zulia, and would “meet the requirements of Venezuelan companies that make food packaging and construction materials, as well as industry as a whole”, the company said.

The company estimated that total installed plastics capacity would increase to around 2.02m tonnes/year from current levels of 694,000 tonnes/year.

The Ana Maria Campos complex, built in 1976, produces ethane, propane, ethylene, ammonia, urea, chlorine, polyvinyl chloride (PVC), vinyl chloride monomer (VCM) and other products, according to information on the company’s website.

By: Simon West

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