Pennsylvania to provide financial aid to Braskem’s acquisition of idled Marcus Hook refinery

12-Jul-12

Pennsylvania will provide financial assistance for Braskem America's acquisition of parts of Sunoco Inc's idled Marcus Hook refinery, the state governor said, as per Reuters. The state will support Braskem's acquisition of propylene splitters from the shuttered refinery with US$15 mln in financing so long as the company invests at least US$56 mln at the project site, Governor Tom Corbett said. The deal is also contingent on Braskem creating a minimum of 28 new jobs and retaining 119 existing employees for at least five years. The total cost of the acquisition was not disclosed. The company has secured feedstock supply for its operations in Pennsylvania. Braskem had bought Sunoco's polypropylene business in 2010 and has been receiving output from the refinery for reuse in its chemical manufacturing process.