Petrobras and Unipar examine possibility of IPO for Brazilian petrochemical plant

22-May-08

Brazilian energy giant Petroleo Brasileiro (Petrobras) and partner Uniao das Industrias Petroquimicas (Unipar) are studying the possibility of an initial public offering (IPO) for a new southeast Brazil petrochemicals plant. The petrochem plant will be Brazil's second-largest petrochemicals entity, with an estimated production of 2.4 mln metric tons of basic petrochemicals in 2008. Unipar will hold a 60% stake in the company, and the balance 40% stake will be held by Petrobras. The possible IPO would depend on market conditions, decision for which is expected to by next month.