A delegation from Reliance Industries is expected to visit Venezuela to shape a deal with Venezuela's state-owned Pequiven (Venezuela's largest petrochemical company) to form a petrochem joint venture.The plan is targeted towards setting up a project at Paraguana in Falcon state, employing Reliance's experience in producing petrochemicals from refinery by-products. The by-products would come from the 9,56,000 bpd refining complex in Paraguana. Pequiven's major plants in Venezuela are at El Tablazo, Morin and Jos. El Tablazo, the largest complex, produces ammonia, urea, polystyrene, ethylene and propylene. The Jos complex manufactures LNG, methanol and methyl-tertiary butyl ether, primarily for exports.
The invitation to Reliance is part of Venezuela's plans to more than double petrochemical production, from 11.4 million tons to 25 million tons by 2012, by way of expansions of old plants and green field projects on the western Paraguana peninsula and in the eastern city of Jose, where US oil major Exxon Mobil has proposed a $3 billion plant. About 50% of the investment for the expansions will be made by the state.
30-Jun-06 
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