Undeterred by Venezuelan President Hugo Chavez's plans to nationalize companies in the telephone, electricity and oil industries, Latin America's biggest chemical company - Braskem SA, will go ahead with a plan to invest in Venezuela as part of a US$3 billion joint venture with Pequiven SA. This project is part of Venezuela's target to more than double its petrochemicals production by 2012.
Venezuela's state-owned petrochemicals company- Pequiven, had announced that Braskem would replace Exxon Mobil Corp. as its partner in the venture for the project that had been under study for more than 10 years. The entire project is set to start operating by 2011. The JV will supply the domestic market and export to the U.S., Mexico and Europe.
06-Feb-07 
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