After the exit of ExxonMobil, the board of Venezuelas state petrochemical company Pequiven will hear a new proposal to manufacture specialty petrochemicals (olefins) in March. On January 20, Pequiven broke away from ExxonMobil, after conveying its inability to complete the feasibility study for the US$3bn petrochemicals project under the terms and conditions agreed by both parties in August 2004.
Despite talks with companies in Brazil, Saudi Arabia, Spain and the US, no major partner has emerged so far to replace Exxon.
27-Feb-06 
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