Mexico’s state of Veracruz to receive investments of over US$5 bln for petrochem development

07-Oct-13

The Mexican state of Veracruz would receive investments of over US$ 5 billion in the coming months for the development of the petrochemical cluster in the south of the state, announced Veracruz’s Governor Javier Duarte De Ocha. The US$5 billion is part of investments of over US$11 billion from different private companies for development purposes in the region, especially in the petrochemical sector. The largest contribution comes from the Brazilian consortium Odebrecht which has announced an investment of US$ 8 billion in various sectors of the region, including petrochemical and ethanol. The investment by the Brazilian group would be one of the biggest in the world and in addition to the earlier US$ 3.5 billion it invested through its subsidiary Braskem and Mexican Idesa for the construction of the Ethylene XXI century complex in Veracruz, which would employ 10,000 people on completion. The Mexican state-owned petroleum company, Petroleos Mexicanos (PEMEX), has also announced an investment of US$ 300 million in Veracruz’s petrochemical sector.