Venezuela has plans to increase production of petrochemicals in the next several years and seems poised to become a world leader in the global petrochem industry. Talks are underway to start a South American petrochemical project jointly with governments of Brazil or Bolivia.
Investments of nearly US$5.4 billion have been announced in 22 petrochemical projects, including construction of new plants and upgrades to existing ones. This move has been initiated with a plan to increase output to 32 million tpa by 2012 from the current 11.5 million tons. Pequiven aims to increase its earnings tenfold, to US$12 billion in six years from the current US$1.2 billion.
27-Mar-06 
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