June 16, 2006
Pequiven and Braskem move forward with petrochemical plans

(BNamericas.com) - "Venezuela's state petrochemical firm Pequiven and Brazilian petrochemicals company Braskem are moving forward with plans to build an olefins plant and a propylene and polypropylene plant in Venezuela, Pequiven president Saul Ameliach told BNamericas.

'Construction will start next year on the propylene and polypropylene project in El Tablazo (a Pequiven industrial park in Zulia state),' Ameliach said. For the olefins plant in Anzoategui state, Pequiven and Braskem 'will now sign a project development agreement,' he added. Pequiven had signed a similar agreement with US oil major ExxonMobil for the same project, which later fell through.

The petrochemicals companies will have 50% participation each in the olefins project, while the propylene and polypropylene project will include Japan's Mitsui and Venezuela's Grupo Zuliano as minority partners, the executive said.

raskem told BNamericas earlier this year El Tablazo was going to cost some US$300bn, while the olefins plan entailed investments of around US$2.5bn".