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Braskem and Petroperu Sign Agreement to Analyze the Feasibility of a Petrochemical Project

November 29/2011

( -- Braskem, the leading thermoplastic resin producer in the Americas, and Petroleos Del Peru (PetroPeru), a state-owned company dedicated to the transportation, refining and sale of fuels and other petroleum by-products, will join forces and sign a Memorandum of Understanding on Thursday, November 24 to analyze the technical and economic feasibility of a petrochemical project in Peru.

The aim of both companies is to study the feasibility of implanting units for the integrated production of 1.2 million tons of ethylene and polyethylene per year using ethane from the natural gas reserves in the Las Malvinas region. If feasibility is confirmed and assuming the successful negotiation of the definitive agreements and approval by the shareholders of both companies, the undertaking will be part of the so-called Integrated Southern Project, which includes the construction of the Southern Andean Gas Pipeline by Kuntur and of a modern petrochemical complex in the south of Peru, which will be a landmark in the country's industrialization process.

According to Sergio Thiesen, Braskem's International Business Officer for South America, "this initiative is in line with Braskem's strategic vision of becoming one of the global chemical leaders by 2020 through a combination of domestic market growth, alternative and competitive raw material sources and the pursuit of opportunities for international expansion into new markets, especially in the Americas.

Perspectives of development of the polymers 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 is 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.

Tags:PE, ethylene.
Category:General News
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