05 December 2013 21:04 [Source: ICIS news]
NEW YORK (ICIS)--Brazil industrial conglomerate Odebrecht is “proceeding cautiously” with its feasibility study on a cracker in West Virginia in the US, the chief executive of Braskem’s America unit said on Thursday.
“We believe there is great potential to leverage the shale resources of the region,” said Fernando Musa, CEO of Braskem America.
“This is a great opportunity for us as well as the entire chemical industry – to take advantage of shale gas,” he added.
Musa spoke at a special meeting of the Chemical Marketing & Economics Group in New York.
He accepted the Award for Outstanding Global Growth on behalf of Marcelo Odebrecht, CEO of Odebrecht and chairman of Braskem, who was unable to attend the event.
The company Odebrecht is a significant investor in Braskem with a 38.4% equity stake and 50.1% of the voting stake.
Musa would not give a timetable for the investment or capacity figures.
Braskem would operate the facility and market the PE, a Braskem executive said at the Latin America Petrochemical Association (APLA) meeting in Cartagena, Colombia, on 18 November.
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