Brazil and Venezuela in US$3.52 bln petrochem JV

The state-owned petrochemical companies of Brazil and Venezuela plan to collaborate to build the most modern and competitive integrated petrochemical project in the region to supply to markets in South American countries, USA and Europe. For this, an investment outlay of US$3.52 bln has been earmarked, for the project, planned in the Anzoategui state of Venezuela. To provide a thrust to the project, Brazil's Braskem and Venezuela's Pequiven will create two separate companies, Propilsur and Polmerica. Propilsur will be the polypropylene facility with a projected production capacity of 450,000 tpa, at an investment of US$900 mln. The operations will combine with a dehydrogenation unit, and will commence operations by late 2010. Polymerica will build an ethane plant using natural gas as feedstock, producing 1.3 mln tpa of ethylene and 1.1 mln tpa of polyethylene. The facility, to be built at an investment outlay of US$2.6 bln facility, is expected to be operational by mid 2012.
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