Venezuelan Petrochemical Corporation created by and in Venezuela

Venezuelan Petrochemical Corporation (CPV), a new state-owned petrochemical company is considered to be just one of several new state-owned companies created by the government in the past few years. The new company is to produce PVC, propylene, fertilizer, and other chemicals, all for Venezuela's domestic market. Planned in Venezuela, the new plant is aimed at doubling the country's production of petrochemicals to 25 million tpa in the next 6 years, as well as eliminating Venezuelan dependency on imports of fertilizers. Three other cooperation agreements have been signed at the inauguration of the CPV by the state government are: · One with the Venezuela's National Bank for Housing and Habitat, for the production of PVC, in order to supply Venezuela's housing construction sector. · Another involving a Brazilian company, Braskem, which is the largest petrochemical company in Latin America, for the production of propylene. · And the third with a Venezuelan company that produces fertilizer and animal feed.