Brazilian petrochemicals giant Braskem SA and Mexico’s Grupo Idesa SA de CV have formalized an agreement with Pemex Gas y Petroquímica Básica to build a US$2.5 bln petrochemical complex in Coatzacoalcos, Mexico, to include an ethylene cracker and three polymerization plants, as per Plastics News. In November, the two companies signed a memorandum of understanding with Pemex, a subsidiary of state oil company Petróleos Mexicanos (Pemex), for the cracker’s feedstock. The cracker alone will cost US$1 bln. According to Idesa, Braskem’s participation in the joint venture is 65% while Idesa’s is 35%. The plan is to produce 2.2 bln lbs of ethylene and polyethylene per year, starting in 2015.