Venezuela's state petrochemicals firm Pequiven and US oil major ExxonMobil will commence construction for a US$3bn olefins joint venture in early 2007. Pequiven’s team of olefins specialists is evaluating the project at ExxonMobil's Texas headquarters. The first stage of planning the joint venture has been completed on schedule. The second phase involving the economics of the project and the financial part will start in Q1-2006. Plant construction will start in early 2007, with the facility estimated to come onstream by 2009. The project would be built at the José petrochemicals complex in Anzoátegui state and is one of the largest ventures in the petrochemicals field in Venezuela in more than a decade.
The joint venture was to originally have a capacity to produce about 700,000 tpa of polyethylene and 400,000tpa of glycols. Pequiven is negotiating with Exxon to produce 1 million tpa of polyethylene instead, and less glycol.
11-Nov-05 
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