Braskem raises stake to 75% in Mexico Ethylene XXI project

16 January 2013 22:39 Source:ICIS News

CAMPINAS, Brazil (ICIS)--Brazilian petrochemical producer Braskem increased its stake in Mexico's Ethylene XXI project to 75% from 65%, the company confirmed on Wednesday.

Mexico-based Grupo Idesa holds the rest of the stake.

The two companies' joint venture, Braskem Idesa, is developing the project in Coatzacoalcos in the Mexican state of Veracruz.

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.

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

By Leo Siqueira