Venezuelan president approves US$950 mln investment in petrochemicals

Venezuelan President has approved a US$950 mln investment for petrochemicals projects in ethylene, polyethylene and PVC installations. This announcement is concurrent with expansion of the polyethylene plant of manufacturer Polinter, a subsidiary of state petrochemicals company Pequiven, located in the Ana María Campos petrochemicals complex in Zulia state, scheduled for completion in 10 months and at a cost of US$75 mln. In the pipeline are two more plants that will hike production to 800,000 tpa, planned to increase to 2 mln tpa of resins by 2012. The country's total resin consumption increased 81% between 2002 and 2007, creating the need to expand output and supply the domestic market.
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