In a bid to place itself on the global petrochem scenario, Peru plans to tap its natural resources. With this is mind, Petroperú has signed a memorandum of understanding with Brazil's Petrobras and chemical giant Braskem to study the feasibility of building a new multi-billion-dollar complex based on domestically sourced ethane.
The polyethylene project is being planned at an investment of US$$2.5 bln with an annual capacity of 700,000-1.2 mln tons, scheduled for start up in 2014. Natural gas will be the feedstock for the plant, sourced from the newly developed Camisea Basin and from a field where Petrobras made a significant natural gas discovery earlier this year. This will be the first of its kind large-scale petrochemical complex on the Pacific coast from Chile to Alaska. The unprecedented access that the complex would throw open to markets throughout Latin America, USA and Asia are being largely publicized.