Mexichem mulls US$1 bln cracker venture with Occidental

Mexican industrial conglomerate Mexichem is mulling a US$1 bln venture with Occidental Chemical Corp (Oxychem), to build a cracker that would be fully operational in 2016, as per Reuters. A feasibility study for the new cracker is expected to be ready in Q2-2013. Both the companies will invest equally in the project that will comprise an ethane-based cracker would produce about 500,000 tons of ethylene to feed a Texas facility of Oxychem. Oxychem would use the ethylene to produce about 1 mln tons of vinyl chloride monomer (VCM) and sell it back to Mexichem under a long-term supply agreement. The agreements, along with a joint investment with Mexico's state oil company Petroleos Mexicanos, would guarantee the supplies it needs for its PVC production at competitive rates.
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