Braskem to cut investments in Venezuelan petrochemicals plant, delay Poliamerica PE plant

Brazilian petrochemicals company Braskem and Venezuelan state oil company PDVSA have jointly agreed to cut investments in a petrochemicals plant in Venezuela and to delay a second one. Investment in the 450 mln tpa Propilsur polypropylene joint venture between the two, will be lowered by by US$500 mln, from an initial investment outlay of US$1 bln. A relocation of the project is being considered in proximity to the Paraguana Refining Complex in western Venezuela. The two companies also agreed to delay, by a year, construction of the Poliamerica polyethylene project to review cheaper feedstock options.
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