CADE approval puts the Brazilian petrochemical industry in the global limelight

14-Jul-08
The Administrative Council for Economic Defense (CADE) has approved the restructuring operations carried out for the Southern and Southeastern petrochemical poles. Both operations have not only remodeled the Brazilian petrochemical industry, but also helped it attain a global scale and made it more competitive. The operation was built in two stages for the Southern petrochemical pole. In the first, Braskem S.A. and Petrobras acquired, in the proportion of 60:40, the petrochemical assets of the Ipiranga group comprising PE and PP producer Ipiranga Química, Ipiranga Petroquímica, a paint and solvent distributor; and of Ipiranga's stakes in Copesul. Braskem and Petrobras then signed an investment agreement to increase Braskem's joint stock by incorporating the share participation Petrobras held in Copesul, Ipiranga Petroquímica, Ipiranga Química, PP producer Petroquímica Paulínia S.A. and Triunfo - a polyethylene and EVA producer. Braskem's incorporation of up to 100% of Triunfo's joint stock is expected to be defined late this year, after which Petrobras' participation in Braskem's joint stock will be 30%. The Southeastern pole operation was also built in two stages. Firstly, Petrobras acquired share control over PP producer Suzano Petroquímica. It then negotiated, with Unipar, the incorporation of Quattor. Unipar and Petrobras hold shares in the new company in the ratio of 60:40. Unipar and Petrobras will allocate certain petrochemical assets held in the Southeast to Quattor, which will then take over the activities of Unipar's Chemical Division and control the PQU and Ripol petrochemical plants, in addition to second generation companies Suzano and Polietilenos União. The main business lines of the two companies - Braskem and Quattor - are polypropylene and polyethylene production to supply Brazil and the world. They are controlled, respectively, by Odebrecht/ Norquisa and Unipar.
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