Brazil’s Odebrecht plans to invest $8.1bn in Mexico

02 October 2013 02:33  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Brazilian conglomerate Odebrecht plans to invest some $8.1bn (€6.0bn) over the next five years in a range of Mexican industrial projects, the Mexican government reported on Tuesday.

The announcement was made during a meeting on 1 October between the company’s chief executive Marcelo Odebrecht and Mexico’s president Enrique Pena Nieto, according to a statement released by the presidential office.

The executive said his company would invest in areas such as petrochemicals, sanitation, renewable energy, ethanol and sugar production, biomass production and highway concessions, according to the statement.

Odebrecht said the conglomerate had already invested $1.8bn of the planned amount in developmental studies and projects in Mexico, according to the statement.

The investments would create 20,000 direct and 60,000 indirect jobs by 2016, the office said.

Odebrecht did not immediately respond to a request for comment.

The Brazilian conglomerate Odebrecht, created in 1944, is active in a number of fields including engineering, construction, petrochemicals, oil and gas, real estate, railways and airports.

The company controls Brazilian petrochemical major Braskem, the largest thermoplastics resins producer in the Americas.

($1 = €0.74)

By: Simon West

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