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Braskem Idesa to build the largest petrochemical project in progress in the Americas

May 24/2012

(braskem) -- Braskem Idesa announces that on may 17th, the Board of Directors of the International...

Braskem Idesa announces that  the Board of Directors of the International Finance Corporation (IFC), an organization that belongs to the World Bank Group, approved a loan for the amount of USD 300 million to finance the construction of the largest petrochemical project in progress in the Americas: Braskem Idesa- Etileno XXI.

These resources, in conjunction with the amount of US$ 300 million already approved by the Inter-American Development Bank (IDB) in the month of April, will be part of a type "A Loan" in the amount of USD 600 million.

To this loan there will be an addition of an amount supported by the IFC and IDB of USD600 -750 million as a type "B Loan" with the participation of commercial banks which is in its final approval process, and the amount of USD 600 million approved by the Italian credit bureau- SACE. The group of financial institutions shall consist of the development bank of Brazil and Mexico with BNDES, Bancomext and Nacional Financiera (these are in final stages of approval), amongst others.

The loan will be granted to BRASKEM IDESA SAPI, the joint venture formed by the Brazilian Braskem S.A. and the Mexican group IDESA in order to build and operate a plant that will have a capacity of 1 million tons of polyethylene, through an ethane cracker and three polymerization plants (two high density polyethylene and on low density).
Author:Anna Larionova
Tags:PE, LDPE, HDPE, Braskem.
Category:General News
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