April 16, 2007
Venezuela and Brazil vow to build ethylene and polypropylene plants

(El Universal) - Brazilian President Luiz Inácio Lula da Silva and his Venezuelan counterpart Hugo Chávez are set to initial agreement on two joint ventures.

The deal involves the construction of petrochemical facilities including ethylene and polypropylene plants in José Cryogenic Complex.

'For Venezuela to turn its oil and gas potential into industrial potential, it should cash in on the economic and political momentum,' Lula commented.

According to the Brazilian ruler, this will enable Venezuela to have 'what it was deprived of in half a century due to oil export, most of the time at negligible prices (...)".