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Mexico PE complex more expensive than planned

November 16/2011

(PlastEurope) -- Braskem Idesa, a joint venture between Brazilian producer Braskem and Mexico’s Idesa, is making good progress on its “Ethylene XXI” cracker and PE project. Located in the Coatzacoalcos / Nanchital region in Mexico’s Veracruz state, the complex is on track to begin production in 2015. However, the construction will be obviously more expensive than expected. When the project was announced two years ago, the amount to be invested was USD 2.5 bn. Now the company expects costs of more than USD 4 bn, as South American media report under reference to Roberto Bischoff, CEO of Braskem Idesa.


Braskem Idesa expects to secure a financing package for the project by the first quarter of 2012. According to media reports, about 70% of the cost is expected to be financed with debt.


Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.


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