Companies renew MoUs for setting up petrochemical industry in Peru

15-Dec-09

Brazil's Petroleo Brasileiro, Braskem and state-owned Petroleos del Peru SA have renewed memorandums of understanding (MoUs) targeted towards setting up a petrochemical industry in Peru. Peru is working to develop a petrochemicals industry using natural gas from the southern regions, especially from the Camisea natural gas fields. The three companies had first signed MoUs last year, to evaluate the technical and financial viability for producing polyethylene. Now, at the state visit to Peru by Brazils President, the three have inked new MoUs after they have concluded a feasibility study on the project.