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Braskem delays projects in Venezuela

August 12/2009

August, 12 (bnamericas.com) -- Brazilian petrochemical company Braskem (NYSE: BAK) plans to postpone its joint venture projects Propilsur and Polimérica with Venezuelan state petrochemical firm Pequiven by at least one year, Braskem"s press office confirmed following a newswire report.

 

Under the revised plan, Propilsur, which will produce 450,000t/y of polypropylene, will begin operating in 2013, while Polimérica, an integrated project for production of 1.3Mt/y of ethylene and 1.1Mt/y of polyethylene, will start up in 2014, Reuters reported. Propilsur was previously forecast to begin operations in 2012 and Polimérica in 2013.

 

According to Braskem"s VP Roberto Ramos, the delay is due to the current economic environment which has resulted in a prolonged downward cycle of the global petrochemical industry, as well as credit restrictions, the report read.

 

The executive added that projects are being postponed worldwide, citing China, India and the Middle East.

 

Combined investments in Propilsur and Polimérica are presently forecast at US$4bn, with Braskem and Pequiven contributing equal amounts.

 

According to Braskem, 30% of its investment will come from the company"s own resources, with the remainder to be financed through loans.

 

Braskem"s press office confirmed the delay in the projects when contacted by BNamericas but no one was available for further comment.

 

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