Venezuela to see huge investments in petrochemicals; aims PE output to reach 2 mln tpa by 2012

Seeing a staggering 81% rise in Venezuela's plastic resin consumption from 2002 to 2007, nation's President Hugo Chavez has announced an investment of US$950 mln for petrochemicals, particularly for ethylene, polyethylene and PVC production facilities. Venezuela's huge investment will fuel the production of plastics resins for supplying the domestic market. Polinter, a local PE maker based in Ana María Campos petrochemicals complex in Zulia state also expanded its PE plant which cost US$75 mln and took 10 months for completion. Polinter is a subsidiary of the state owned petrochem firm, Pequiven. The recent expansion has increased output from 100,000 tpa to 160,000 tpa, which will guarantee supply until 2010. However, two more plant constructions are in the offing for the short term which will augment the production from 800,000 tpa. By 2012, Venezuela aims to reach the production capacity of 2 mln tpa.
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