Petrobras' Comperj petrochem complex to be managed by 6 subsidiaries

Petrobras, Brazil's state-owned energy firm has formed six wholly owned subsidiaries for its Rio de Janeiro-based US$8.5 bln worth Comperj petrochemical complex slated to set underway operations by 2012. Among the completely owned companies, Comperj Petroquímicos Básicos will oversee the production of basic petrochemical raw materials while Comperj PET will be involved in production of purified terephthalic acid (PTA) and polyethylene terephthalate (PET). Further, the polypropylene (PP), polyethylene (PE) production will be under Comperj Poliolefinas whereas the ethylene glycol (EG) and ethylene oxide (EO) will be taken care by Comperj MEG. Comperj Estirênicos will manage the production of styrene related products. Finally, Comperj Participações will directly supervise and administer the operations of the aforementioned five companies via direct stakes in these subsidiaries. At the outset, Petrobras will hold a 100% stake in all the subsidiaries and voting capital, the statement affirmed.
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