×

Top Stories

Title Issue Date Category Formats Records Price
Sacmi Imola makes major shipment to Asia
View Description View Full Details
Sacmi Imola S.C. reports that a major single cargo shipment of 23 cap pressing machines and 16 filler boxes left the port of Ravenna, Italy, bound for the port of Pusan, South Korea, where the...
View Full Details »
06-29-2016
Pennsylvania molder moving into engineering resins
View Description View Full Details
A small custom injection molder is using a loan to expand in a city that has endured economic hardship. Polymer Contours Inc. in Allentown, Pa., is using the loan to extend its ability to handle...
View Full Details »
06-29-2016
Conduit maker Atkore completes IPO
View Description View Full Details
PVC conduit and building products maker Atkore International Group Inc. went public on June 10, selling shares on the New York Stock Exchange. Three weeks after its initial public offering, Atkore ...
View Full Details »
06-29-2016
Students discuss research into 3-D printed inserts
View Description View Full Details
Cleveland — Two students from the Pennsylvania College of Technology presented research into 3-D printed inserts for rotomolding at the Society of Plastics Engineers’ Rotational...
View Full Details »
06-29-2016
Entek software improves screw, barrel layout design
View Description View Full Details
Entek Manufacturing Inc. of Lebanon, Ore., has introduced a new software program designed for customers to quickly and easily design screw and barrel layouts for their specific applications. The...
View Full Details »
06-29-2016
Speaker stresses importance of burner maintenance
View Description View Full Details
Cleveland — Proper gas burner maintenance in rotational molding ovens is important for keeping good cycle times and running a smooth operation, Adam Covington, vice president of aftermarket...
View Full Details »
06-29-2016
Pulverizer handles tough materials
View Description View Full Details
Cleveland — Orenda Automation Technologies Inc., which introduced its Airforce air-cooled pulverizer in 2014, is getting ready to roll out a stage two model — aimed at running...
View Full Details »
06-29-2016
Keba expanding in China
View Description View Full Details
Linz, Austria-based Keba AG is expanding its presence in China for controllers for machinery and robots. Keba’s fourth location in China is in Jinan, located between Shanghai and Beijing....
View Full Details »
06-29-2016
Obituary: Resin distribution executive Jim Gerolium
View Description View Full Details
Jim Gerolium, 72, a former sales executive at General Polymers, died June 23 after a struggle with cancer. “We hired him in 1980 to start and run General Polymers of Ohio and he went on to...
View Full Details »
06-29-2016
Investment needed to spark faster growth
View Description View Full Details
The fundamental, long-term objective of every successful business owner is to grow the business. Nobody who stays viable over the long run just wants to be average, and nobody just wants to...
View Full Details »
06-29-2016
Sponsored by

Braskem boosts stake in Mexico joint venture

Bob Moser

Published: January 16, 2013 9:55 pm ET
Updated: January 17, 2013 9:41 am ET

Related to this story

Topics Materials Mergers & Acquisitions Suppliers
Companies & Associations

SÃO PAULO, BRAZIL -- Braskem SA has increased its stake in the Mexican joint venture project Ethylene XXI, which includes construction of a petrochemical complex with an ethylene cracker and three polymerization plants at an investment of US$3.2 billion.

Braskem's ownership role in the project will increase from 65 percent to 75 percent, and Grupo Idesa SA de CV, its Mexican petrochemical partner, will drop from 35 percent to 25 percent. The change was made official in a contract in late 2012.

The industrial complex will be operational by July 2015, and the change in ownership structure will not delay the project schedule, Roberto Bischoff, vice president for Braskem's Latin America business unit, told Brazilian newspaper Valor Economico. Estimated production of the Braskem-Idesa joint venture will be 1 million metric tons of polyethylene resin per year, aimed at plastics for manufacturers of bottles, containers, pipes and building materials.

On Dec. 19, Braskem Idesa announced it had obtained a loan of US$3.2 billion from various development and commercial banks to build in Mexico. The companies said it was the largest lending package for a new project in the history of the petrochemical sector of the Americas.

Ethylene XXI is the largest private investment ever by a Brazilian firm in Mexico. It has also been referred to as a symbolic project for the petrochemical industry, in that it will be the first greenfield plant to have its prices tied to the U.S. shale gas market.

Mexican oil company Pemex will supply the natural gas, and Braskem's operating costs should be reduced significantly because of that feedstock. The U.S. price per million BTU is below US$3, while in Brazil it runs between US$12-$15.

Mexico is a major importer of polyethylene, satisfying 65 percent of its demand with imports, costing US$1.2 billion to US$1.5 billion per year.


Comments

Braskem boosts stake in Mexico joint venture

Bob Moser

Published: January 16, 2013 9:55 pm ET
Updated: January 17, 2013 9:41 am ET

Post Your Comments


Back to story


More stories

Image

Dow cutting 2,500 jobs in Dow Corning integration

June 30, 2016 6:00 am ET

Dow Chemical Co. is cutting 2,500 jobs globally — equal to 4 percent of its workforce —within the next two years as part of the...    More

Image

A. Schulman sues former Citadel owners claiming 'fraudulent business practices'

June 29, 2016 3:14 pm ET

A. Schulman Inc. has filed a lawsuit against the previous owners of Citadel Plastics, accusing them of falsifying results before selling the company...    More

Obituary: Resin distribution executive Jim Gerolium

June 29, 2016 11:49 am ET

Jim Gerolium, 72, a former sales executive at General Polymers, died June 23 after a struggle with cancer.    More

Image

Private investment firm takes a big stake in Nexeo Solutions

June 28, 2016 12:57 pm ET

First Pacific Advisors LLC — an investment firm based in Los Angeles — recently paid $203.7 million to acquire 27.9 percent of all...    More

Image

Metabolix 'exploring strategic alternatives' including possible sale

June 28, 2016 12:59 pm ET

In a May 16 news release, officials with the Woburn, Mass.-based firm said that Metabolix “is exploring strategic alternatives,” including...    More